bubbleinfo.com

From sddt.com

WASHINGTON (AP) — Mortgage giants Fannie Mae and Freddie Mac said Thursday they will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January.

The companies had suspended foreclosures through the holidays, but were expected to resume proceedings after Jan. 9.  The government-controlled home loan giants said the extension will allow borrowers facing foreclosure to keep their homes as it works with mortgage servicers to find options for troubled mortgage holders under the Streamlined Modification Program.

Freddie (NYSE: FRE) and Fannie (NYSE: FNM) began the modification program in December, aiming to create more affordable mortgage payments for borrowers at risk of foreclosure. The program applies to borrowers who have missed three payments or more, own and occupy their homes, and have not filed for bankruptcy.  Under the program, borrowers can reduce their interest rate, extend the life of the loan or defer payments on part of the principal. 

The extended hiatus on foreclosures will give Fannie more time to launch a new policy that will allow renters in company-owned foreclosed properties to stay in their homes, the company said in a news release. Details of the new policy have not been announced.

Fannie personnel have been reviewing seriously delinquent loans to see if borrowers have been contacted and all options to work out their situations have been exhausted, the company said.  Freddie Mac Chief Executive David Moffett said in a statement the mortgage giant is “committed to pursuing every responsible opportunity to reduce foreclosures and accelerate the return of stability to the U.S. housing market.”

Fannie and Freddie own or guarantee about half of the $11.5 trillion in U.S. outstanding home loan debt. The government seized control of the sibling companies in September.

I was talking to a guy yestrday about the cold snap we’ve been having, and he said,

“It’s been so cold lately that I had to put the top up on the convertible.”

Link to South Carlsbad State Beach website – and camping reservations

This San Diego beach features swimming, surfing, skin diving, fishing and picnicking. The large bluff-top campground is very popular, especially in summer. Stairs lead to the beach.

Campground showers—TOKEN operated
Token machines at ranger station and campfire center
Tokens available upon check-in

Location-Directions
The beach is located 3 miles south of Carlsbad on CARLSBAD BLVD.
Take INTERSTATE 5, exit PALOMAR AIRPORT ROAD.
Go west to CARLSBAD BLVD – SOUTH.
Turn SLIGHT RIGHT onto ramp CARLSBAD BLVD. – SOUTH.
Merge onto CARLSBAD BLVD. – SOUTH, continue 1.6 miles to campground entrance.

Campground Address
7201 Carlsbad Blvd.
Carlsbad, CA 92008
The campground entrance is not accessible from Poinsettia Ave.

Wi-Fi Service
South Carlsbad State Beach now offers AT&T Wi-Fi Service!
This service enables park visitors with wireless enabled laptop computers or personal digital assistants (PDAs) to access the Internet. You can access this service if you are within a 150 foot range of the Lifeguard Headquarters located in the Park.

From sddt.com

Del Mar-based Davidson Communities closed 81 homes in five neighborhoods in 2008, according to Cynthia Monaco, director of sales and marketing.

The homes closed include residences at Viridian at La Costa Greens, Scripps Preserve at The Estates at StoneBridge, Clearstory at Rolling Hills Ranch and Atrium at EastLake Vistas. Closings last year also include Kensington at Del Sur neighborhoods.

“The year brought us very close to building out at three of our most prestigious neighborhoods,” said Monaco. “Just six sites remain at Scripps Preserve, seven at Clearstory and eight at Atrium.”

Designed by R. Douglas Mansfield Architect, the one-and two-story residences at Clearstory range from 3,789 to 5,520 square feet with four to eight bedrooms, 4.5 to 5.5 baths and garages from a two-car plus motor court to a split three-car garage. Current pricing at Clearstory ranges from the high $900,000s.

Atrium at EastLake Vistas floor plans are from 3,750 to 4,281 square feet with four to five bedrooms, 4.5 baths and up to three-car garages.

Viridian’s first closed escrows were in 2008. Designed by Dahlin Group Architecture, four floor plans are available from 2,823 to 4,601 square feet.

Scripps Preserve at The Estates at StoneBridge features two-story homes with 4,630 to 5,818 square feet, four to six bedrooms, 3.5 to 5.5 baths and up to a four-car garage. Kensington at Del Sur homes range from approximately 2,660 to 3,156 square feet and offer three to four bedrooms plus bonus room. Exterior elevations were designed by R. Douglas Mansfield.

(I have good friends at The Dahlin Group) Link to Dahlin Group

 

Last year we saw a slower start than expected, as far as new listings coming on the market.

How are we doing in 2009? These are the total listings of attached and detached homes for the first SIX days of the year:

NCC = Carlsbad, Cardiff, Encinitas, RSF, Solana Beach, Del Mar, and Carmel Valley.

The 2009 numbers will be slightly higher due to late-reporters, but it looks like the new-listing inventory will be well under recent years.

The elective sellers are in for a tough year, because you have to either price your home aggressively, or don’t bother. As a result, 2009 is going to be dominated by bank-related inventory – get used to short sales!

The seller of this oceanfront lot paid $2,500,000 in 2004 – is oceanfront immune?

Anything decent house in Carlsbad that lists around $500,000 gets a lot of attention these days. Here’s an example of what you get for the money:

This house is 3br/2ba, 1,252sf, built in 1931 with red oak hardwood floors:

Remeber the photo here yesterday of the back of an REO – the pic highlighting 10-15 obvious problems or defects in it? Here’s a tour:

from sddt.com

With median prices for detached homes down more than 35 percent in San Diego County year-over-year in November, areas like Rancho Bernardo, Scripps Ranch and Tierrasanta have mostly endured moderate declines while seeing fewer sales in the process.

Areas with median prices above $500,000 but less than $1 million have seen prices fall an average of 11.7 percent year over year. However, they have seen 16.4 percent fewer sales compared to 2007.

Some real estate agents said the prices have remained relatively stable in those communities considering the county had only six ZIP codes where there was an increase in detached median home prices. The prices have not fallen as sharply as some other areas because “typical” buyers in that sector of the market have not changed.

While year-over-year sales have increased by as much as 156 percent in markets where prices have fallen by a third or more, sales in upper-middle-class neighborhoods like Tierrasanta and Scripps Ranch have seen slight sales declines coupled with their modest median price drops.

Saeid Mojabi, a Coldwell Banker real estate agent of more than 25 years, said Tierrasanta saw one of its worst years in sales. While he added Tierrasanta’s median detached home price decline was “not as much” as areas like Chula Vista and Oceanside, he said there are still homes in distress.

“There is major activity in foreclosures and short sales,” he said.  Mojabi currently has a short sale listing for a Tierrasanta home priced at $590,000 that he served as the buyer’s agent when it was purchased in 2006 for $720,000. 

However, some agents said they have not witnessed the drop in prices and sales for mid-range homes as much as Mojabi.  Maria Peña-Morales, president of the Team Q group of ReMax Ranch and Beach, said her team has seen sales increase in the $500,000 to $600,000 range calling that housing class the “bread and butter” of her business.

Peña-Morales conducts business primarily in areas encompassed by the Poway Unified School District, which boasts some of the highest test scores in the county. She said good schools always draw people looking for a place to raise their children.

Scripps Ranch’s median detached home price is just over $700,000; more than double the countywide median.

However, Sue Herndon, a Prudential California Realtor, said there are still people who want and can afford homes in the upper-middle range of the market.  “I think we have people who can afford them,” said Herndon. “I think that that’s still an affordable (price range), I think what’s going to be more difficult are what you would consider you’re high, high priced homes.”  Herndon added homes in the $2 million to $8 million range would be difficult to sell given the current economic climate, but said there is still a thriving market for homes under $1 million.

Buyer demographics in terms of age, martial status and income haven’t changed much, but what has changed is that buyers are more qualified.  “We’re going back to what our parents taught us,” said Peña-Morales. “Save up your money, put 20 percent down and have good credit.”  Peña-Morales also said she has seen more international buyers looking for second homes who perceive value in the current market. She said they are looking for homes to own for the long term rather than investment properties.

“The climate of this economy is not for people to flip properties,” she said.

There are twenty houses on Corte Romero, and three actually back to Rancho Santa Fe Rd.

Coincidentally, all three have been in foreclosure in the past year.

Looking at the sales dates, those featured here on the west end closed first, in April 2006. By the time they got to the end of 2006, those down the street couldn’t get a premium for not backing to RSF Rd.

I saw the two that closed already (the first two in the video) and the street noise is blaring loud – RSF Road is six lanes now! How much of a discount do you give?

It’s probably a $100,000 impact, if you ask me. But I don’t think you could get an extra $100,000 for a neighbor’s down the street, because the buyers will want to hold it against you. To feel comfortable they’ll want that gap to be closer to $50,000.

We’ll find out though. The last house (on the left) that is a short sale? It’s the same floor plan as the one that just closed for $695,000 right on the street (remember the one with brown carpet cut out around the edges? they installed new).

The agent confirmed that she has eight offers, with five of them higher than the high end of her range ($699,000 to $739,000).

But don’t worry, there are two more in foreclosure on the street, making 5 of 20 in two years: