This is a new video of the remodeled 1,946sf single-story house on Manzanita in Carlsbad that just hit the MLS today for $799,000. Kayla and I will be there from noon to 3pm on Saturday for open house, and Richard will be there on Sunday during the same time period – stop by!
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These guys should be wearing a Padres uniform – they both live here:
From the latimes.com – thanks daytrip:
The protests over the FHA Distressed Asset Stabilization Program are the latest ripple in the wake of the foreclosure crisis, which has seen growing concern about the “Wall Street-ization” of the housing market.
A handful of large real estate trusts and investment firms have scooped up an estimated 200,000 bargain-rate houses in the last two years — in some cases elbowing first-time home buyers out of the way — and turned them into rental properties.
Some of these firms are now buying the loans, getting potential rental properties even before they are in foreclosure. Other buyers aim to profit by collecting mortgage payments or by selling the homes after they foreclose.
From the FHA’s perspective, the program is working, said Carol Galante, the agency’s commissioner.
“We really do consider the DASP to be quite successful in accomplishing what it set out to do,” she said. “That was to achieve significant cost savings for [the FHA] and at the same time offer borrowers a final opportunity to avoid foreclosure.”
Many of the loans that are being sold haven’t had payments on them in two or three years, Galante notes, and they’ve run out of options for being reworked by the FHA. But a new owner may be able to restructure them or reduce principle payments to help borrowers, she said.
Of the 38,000 loans that had been sold before July 2013, about half are still being worked out, according to data released last week by HUD. In about 5% of cases, borrowers are back on schedule making payments. Most of the rest ended either in a foreclosure or short sale or were flipped to another investor and are no longer being tracked.
The program has some successes, said Sarah Edelman, a policy analyst at the Center for American Progress.
About one-fifth of the loans are in “neighborhood stabilization” loan pools, which are geographically concentrated and carry higher workout requirements. Nearly 24% of them are being paid on time. And among the relatively small slice that were sold to nonprofit lenders that partner with community housing groups, the success rate tops 35%.
“This program shows a lot of potential,” Edelman said. “FHA really has an opportunity to build on its strengths.”
From the utsandiego.com:
CARLSBAD — Carlsbad is set to host a series of events beginning Wednesday asking the public to share their ideas for future development in the Village and Barrio neighborhoods.
The city is preparing a new master plan for the downtown area that will set guidelines for development. Officials said they hope the master plan will connect business, entertainment and residential districts into one comprehensive area. The Village and Barrio are Carlsbad’s oldest neighborhoods, located along the coast between the Buena Vista Lagoon and Tamarack Avenue and come together along Oak Avenue.
Earlier this year, the city hired Dover, Kohl & Partners, a Florida-based firm, to draft the plan.
The firm will hold several events over the coming week, including two hands-on design sessions, walk-in technical meetings with the design team, an open house and a work-in-progress presentation.
“We’re reaching out very broadly and inviting everyone to come,” said Jason King, senior project director with the firm.
There is a tease in here that wifey will make an appearance, but my camera got turned off – hopefully it’ll be in the movie. But she has promised to share a few thoughts on camera here soon.
Here’s a fascinating story about the prosecution of people who defaulted on liar loans they obtained in 2006.
The U.S. Attorney accused of them of mortgage fraud, and the defense attorneys – some appointed by the state – made the case that banking executives intended to make fraudulent loans.
The defendants were acquitted.
Click on the link below for the full story:
Hat tip to daytrip!
This may be a preliminary look, but there won’t be many more late reporters. Agents are supposed to mark their sales closed within 48 hours, and we’re a week out. But even considering the typical end-of-summer slowdown, it looks like sales are plunging.
Today, the MLS shows a paltry 234 detached-home sales last month, the lowest August total of the last four years:
While we enjoyed some frenzy-like months during the 2014 selling season, it looks like we’re heading back to the far-more mundane pace of 3-5 years ago.
For sellers who tacked on an extra 5% to 10% to your list price: If it doesn’t work, at least adjust downward fast enough that the urgency stays higher, and you beat the holidays – Halloween is only seven weeks away!