San Diego Real Estate Blog

The State Bar of California has launched investigations against attorneys for misconduct related to loan modifications. The State Bar has named 16 attorneys under investigation, by opting to waive investigation confidentiality in favor of public protection.  These attorneys have allegedly taken fees for promised services, but failed to perform those services or even communicate with their clients who face the possible loss of their homes. Their non-attorney staff may also be under investigation for unlawfully practicing law.

Not all attorneys engaged in loan modifications are dishonest. Some scam artists may intentionally associate or affiliate themselves with attorneys in an attempt to lend credence to their fraudulent schemes. The list of attorneys currently under investigation is available at the link below. http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395.

I cannot stress it enough to all of my clients and to any homeowner that may be looking to do a loan modification; you must do your homework when looking to do a loan modification. I always recommend to everyone try to do the modification yourself first. If you need guidance with the loan modifications call me first and I will give you free loan modification guidance. If you need advice please contact me anytime. I would hate for someone to take advantage of your delicate situation.

Leonardo Gonzalez

http://www.ChulaVistaCommunities.com

The federal tax credit for first-time home buyers is set to expire Dec. 1, 2009. Since its beginning, the tax credit has brought over 1.2 million new buyers into the market nationwide, according to NAR. In California, nearly 40 percent of first-time home buyers reported they would not have purchased a home without the tax credit, according to a California Association of Realtors survey.

I want to urge you to contact your congressman/woman and urge them to extend the credit for future home buyers. This $8,000.00 tax credit is not only helping first time buyers but in the long run it is helping this country recover from the economic crisis we face today. Please let me know if I can be of any assistance to you.

Leonardo Gonzalez

http://www.ChulaVistaCommunities.com

More than 42 percent of home listings experienced at least one price reduction in August—12,000 fewer home listing reductions compared with July. On average, homeowners within all markets studied reduced list prices by 9.59 percent.

This is great news. The San Diego Real Estate market is showing signs of recovery and homesellers looking to take advantage of the market and upsize or downsize should take action now. Please e-mail me if you are looking to sell your home

Leonardo Gonzalez

http://www.Chulavistacommunities.com

Where will home prices head the rest of the year? It depends, in large part, on how many more foreclosures are made available for sale. This is according to a new study by LP Applied Analytics, a real-estate research firm, makes clear.

Let me tell you my prediction. Real Estate prices will continue to rise slowly. By the end of next year bidding wars will be gone because I believe prices fell below the affordability level. This was because buyers did not get the hint early enough that prices were at the bottom. They will come back to affordability level will slowly get back to "regular market." Please call me with any questions.

Leonardo Gonzalez

http://www.ChulaVistaCommunities.com

President Obama's administration’s $50 billion mortgage relief program is finally starting to help more homeowners after a disappointing start. Nearly one in five eligible homeowners has been offered help so far, the Treasury Dept. said Wednesday.

Please contact me if you are a distressed homeowner so we can talk about your options. I will not charge you for my services. Thank you.

Leonardo Gonzalez

http://www.ChulaVistaCommunities.com

The delinquency rate for mortgage loans on residential properties rose to 9.24 percent of all loans outstanding as of the end of the second quarter of this year, up 12 basis points from the first quarter of 2009, and up 283 basis points from one year ago, according to the most recent Mortgage Bankers Association’s (MBA) National Delinquency Survey. The non-seasonally adjusted delinquency rate increased 64 basis points from 8.22 percent in the first quarter of 2009 to 8.86 percent this quarter, according to the report. The delinquency rate breaks the record set last quarter, based on MBA data dating back to 1972.

“While the rate of new foreclosures started was essentially unchanged from last quarter’s record high, there was a major drop in foreclosures on subprime ARM loans,” said Jay Brinkmann, MBA’s chief economist. “The drop, however, was offset by increases in the foreclosure rates on the other types of loans, with prime fixed-rate loans having the biggest increase. As a sign that mortgage performance is being driven by unemployment, prime fixed-rate loans now account for one third of foreclosure starts. A year ago they accounted for one fifth.

California, Florida, Arizona, and Nevada continue to have a disproportionately high share of foreclosures, although the share has fallen slightly from last quarter, according to the report, with 44 percent of all of the nation’s new foreclosures during the second quarter of this year, down from 46 percent in the first quarter.

Leonardo Gonzalez

ChulaVistaCommunities.com

Leonardo Gonzalez

ChulaVistaCommunities.com

Keep in ming that in the summer time your oven and stove generate a lot of extra heat, which in turn causes your air-conditioning to turn on more frequently. Consider cooking outside on the grill or cook in a microwave. Stay Green everybody!

Leonardo Gonzalez

ChulaVistaCommunities.com