Escondido, CA Real Estate News

By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Home prices may be stabilizing Freddie Mac announced Thursday that its Conventional Mortgage Home Price Index (CMHPI) for purchases registered a modest 0.4 percent annualized decline in U.S. home values during the second quarter of 2008, following a downward revised 10.8 percent annualized drop in the first quarter. Bill Ladewig Market and Lending updates: http://www.YourFhaGuru.com
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
August 30, 2008 Fannie Mae rule change on Buy and Bail:  If borrower retains current residence and purchases a new residence the following will apply: Borrower no longer needs to have 6 months reserves.  Lender will only need to verify what the DU approves the borrower with in verified assets.  Lender will still need to see 30% equity in the current property or must be able to qualify with both payments.  The lender also will need borrower to state what the intention is for their current property.  If renting, must provide evidence its rented or it is listed for rental.  This information needs to be reflected on the 1003 or a letter of intent needs to be in the file as the lender may not assume this material fact.   Good stuff for the right borrower!   Market and Lending updates: http:/...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
NEW FHA MORTGAGE CALCULATOR Shops Lenders for Lowest Rate: 30 year Fixed 1 Year Fixed Adjustable Rate 3 Year Fixed Adjustable Rate 5 Year Fixed Adjustable Rate 203(k) Rehabilitation Mortgage Calculates: Maximum Loan Amount for every County in the USA Loan amount and Mortgage Insurance Total Housing Expense     (Principal & Interest, Taxes, Insurance, Mortgage Insurance) Total Cost to Close Buyers Minimum 3% Investment Seller's Maximum 6% Contribution FHA Mortgage Calculator: http://www.themtgmentor.com/FHA_Mortgage_Calculator.html Market and Lending Updates: http://www.YourFhaGuru.com  
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Mortgage Rates Down slightly this morningADVICE:  Lock Rates on today's down tick.MBS yields are currently at the bottom of established trading trend so the probability of rates increasing is high. FNMA 30Yr Mortgage Backed Securities (MBS) down 3.7 basis points* to 6.123%.  10 Year T-Bill Down 1 basis pts to 3.81% DJI Stocks  Up 140 in early trading. Crude Oil currently $118.26 per barrel *A Basis Point is 1/100 of a percent. Reverse Mortgage Broker Fee in Dispute 2008 Housing Bill eliminates 25% Fee to Brokers Not approved by FHA   10 Ways to Avoid A Closing Nightmare An easy list that will make your life easier   DPA May Not Be Dead! New Bipartisan Legislation Introduced   $7,500 First Time Buyer Tax Credit Up to $7,500 can be borrowed from IRS Market and Lending updates: http://www....
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
No More FHA Non-Allowable Closing Costs This is really, really old news.  FHA did away with their list of FHA Non-Allowable Closing Costs in June of 2006 but the question keeps coming up.  The only FHA Closing Cost that must be paid by the seller is the Tax Service Fee. Many banks reject FHA offers because they are using outdated information. When your REO buyers require FHA financing be sure to let the bank know that buyers and sellers pay their own FHA Closing Costs with the exception of the Tax Service Fee which normally runs about $80.00.  AND... The Banks should also be notified that FHA no longer requires a long list of repairs.  ONLY health and safety issues will be required. AND... If there are a lot of repairs the FHA 203k rehabilitation loan will allow the property to be purch...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Mortgage Rates Down slightly this morningADVICE:  Lock Rates on today's down tick.MBS yields are at the bottom of established trading trend so the probability of rates increasing is high. FNMA 30Yr Mortgage Backed Securities (MBS) down 6.4 basis points to 6.179%.  A Basis Point is 1/100 of a percent. 10 Year T-Bill down 3 basis pts to 3.80% DJI Stocks  down 28 in early trading. Crude Oil currently  up at $116.15 per barrel Reverse Mortgage Broker Fee in Dispute 2008 Housing Bill eliminates 25% Fee to Brokers Not approved by FHA   10 Ways to Avoid A Closing Nightmare An easy list that will make your life easier   DPA May Not Be Dead! New Bipartisan Legislation Introduced   $7,500 First Time Buyer Tax Credit Up to $7,500 can be borrowed from IRS Market and Lending updates: http://www.Your...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Who are your representatives? When called upon to respond to industry threats do you know who to call, email and send letters? Click on: Find Your Representative.  All that is required is enter your zip code and the contact information for all your state and federal elected officials will instantly be available.  Save the link as one of your browser favorites so they will be always available when you need them to hear your voice. The current issue that needs your voice is pending legislation to reinstate the Down Payment Assistance (DPA) programs. The proposed legislation, HR 6694 is waiting committee assignment.  It could languish forever in committee unless you make your views known.  The new bill is a thoughtful response to an important issue.  It protects FHA with strengthened under...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Tuesday's AM MarketWholesale mortgage rates are Up this morning after Fannie Mae Mortgage Backed Securities jumped 5.4 basis point to 6.378% from 6.325% yesterday. A basis point is 1/100 of a percent Dow Industrial Stocks were Down 121 in early trading. Crude oil is up 0.2% from Monday's close at $114.56 a barrel. Treasury yields declined as speculation that the credit crisis that started a year ago has yet to bottom and after a report showed the U.S. trade deficit unexpectedly shrunk 4.1% to $56.8 billion in June on record exports and a decline in non-oil imports. Current market and lending updates at: http://www.YourFhaGuru.com  
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
I heard yesterday at a FHA seminar I attended (yes, after 38 years I'm still trying to figure out this business) that FHA loans are expected to finance 80% of new purchases.  Wow, good news for me, just like the old days. Below are few Government lending tips: For those of you who remember FHA from the old days, FHA is now much kinder and gentler. Agents presenting REO purchase offers should assure the bank that FHA no longer requires extensive repairs and termite reports are not mandatory although health and safety hazards must be addressed. FHA loans take no longer to close than a conventional loan with the same buyer.  FHA 203k Rehab loans take care of repairs over $5,000 and average 45 to 60 days to close because of dealing with construction bids.  The repairs begin after close.   U...
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By Dusty Brazil- Escondido & Vista Realtor Search Escondido Vista Homes & Property
(Bank Owned Real Estate Finder BLOG)
Looking for Homes in South Escondido? You can get familiar with the South Escondido Real Estate Market here and find Escondido Homes For Sale and Communities and Neighborhoods on my Escondido Real Estate site. NEED AN ESCONDIDO REALTOR TO HELP YOU?            The Escondido Real Estate has tons of BANK OWNED HOMES AND FORECLOSURES right now for sale at ridiculous prices. The easiest way to find them is for me to send you a list of them that I personally sort through myself according to your search criteria. Again, the easiest way is to contact me and I will send you a personal list of what is available and then set you up on my ESCONDIDO AUTOMATIC HOMES FOR SALE UPDATES instant notification when new ESCONDIDO HOMES FOR SALE are just listed.        
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Wholesale mortgage rates are down slightly this this morning after Fannie Mae Mortgage Backed Securities fell 4.8 basis points to 6.280% from 6.327% on Wednesday.  A basis point is 1/100 of a percent Dow Stocks were down 85 in early trading. Treasury yields dropped early Thursday, to the lowest point in two weeks, as government data showed the nation's economy grew at a rate slower than forecasted in the second quarter and as claims for jobless benefits indicate that slow economy is likely to continue. Market data and loan information: http://www.YourFhaGuru.com
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Attend Free FHA On-Line Class FHA Changes After October 1, 2008 FHA AFTER THE HOUSING BILL FHA Basics and How to work with the increased Downpayment and Elimination of Downpayment assistance. Friday, August 1, 9:30 to 11:00 AM Presented by Bill Ladewig Closing FHA Loans Since 1970 Space is limited.Reserve your Webinar seat now at:https://www1.gotomeeting.com/register/348323958  
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Up to the mid 90's the primary VA loan marketed in So Cal was the VA NO/NO.  100% financing with NO Down and NO Closing costs (seller paid).  To the best of my knowledge, defaults and foreclosures remained within acceptable levels because those loans were, for the most part, carefully underwritten. Then along came the financing free-for-all where almost anyone could find some kind of loan and underwriting became a rubber OK stamp.  With the inevitable consequences came the typical kneejerk political reaction.  Politicians always seek the easy "sledge hammer" approach instead of the thought provoking "surgical solution" In this market, the industry needs all the buyers it can find.  Doing away with DPAs hurt the good buyers who could afford the mortgage payment but have not been able to ...
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Wednesday's Market Wholesale mortgage rates are up sharply this this morning after Fannie Mae Mortgage Backed Securities jumped 25.1 basis points to 6.561% from 6.310% on Tuesday.  A basis point is 1/100 of a percent Dow Stocks were up 130 in early trading. Treasury yields climbed early Wednesday, after the ADP Employment index showed private employers unexpectedly increased payrolls by 9,000 in July, after a revised 77,000 decrease in June. Bill Ladewig http://www.YourFhaGuru.com  
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By Bill Ladewig, Experience Is Your Advantage
(LoanOfficerSchool.com)
Wholesale mortgage rates are down this morning after Fannie Mae Mortgage Backed Securities slid 6.7 basis points to 6.310% from 6.377% on Monday.  A basis point is 1/100 of a percent Dow Stocks were up 136 in early trading. Treasury yields increased early Tuesday, as U.S. stock markets headed higher after U.S. consumer confidence unexpectedly ticked up in July, the Conference Board reported Tuesday. The level remained relatively low and job concerns persisted. Daily market updates are available at: http://www.YourFhaGuru.com  
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By Rich Johnson
(Real Living Lifestyles Real Estate)
Here in North County, especially in the inland corridors of communities like Escondido, buyers are resurfacing in large numbers. The reasons are simple…prices have declined significantly and interest rates are really low, and it adds up to more buying power for those in the market for a new home or investment property. You would think the opposite if all you did was read the newspapers.  Today I got up and read the headline in the business section of the local Sunday paper, headline reading “Real Estate Crisis About To Get Worse”. The story went on and on about how the number of foreclosures are expected to rise and continue to rise throughout 2008. The story continued on two additional pages and the secondary headline on the next page read “Crisis” continued from page one. The author t...
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By Rich Johnson
(Real Living Lifestyles Real Estate)
Here we go again, we just took another listing in the gorgeous gated community of Brookside, and once again we have an incredible value for you! This home at 448 Adelaide Glen is one of the finest homes built in this development. A plan 6, (the largest model in Brookside) is a 5 bedroom, 4.5 bath home on a huge lot of 18,200 feet! This fabulous homes, set on the back side of a very private cul-de-sac, is situated with a south facing view, with extensive professional landscaping and built for a big family. Brookside is a gated community adjacent to Reidy Creek Golf Course in North Escondido. Schools are close, with near brand new Reidy Creek Elementary just a couple of blocks up Broadway. This original owner did extensive work on professional hardscape both in front and in back, and succ...
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By Rich Johnson
(Real Living Lifestyles Real Estate)
Twice a year, the street in front of our office is filled with tens of thousands of people. Every May and October, the City of Escondido holds it’s Street Faire, the second largest in all of California! Our office at Windermere Exclusive Properties is located at the center of it all in the heart of downtown, and our agents participate along with our sister company CW Mortgage. Braving near 100 degree temperatures, over 600 vendors, lots of live entertainment and all types of food adorn the downtown streets. Even though the faire is supposed to start promptly at 9am, folks are arriving looking for the latest in folding tailgating chairs, herbal remedy’s, getting the spine stretched by a bevy of chiropractors and searching for Fido’s latest dog collar. The faire looked a little less crowe...
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By Rich Johnson
(Real Living Lifestyles Real Estate)
Gee whiz…we’re having another community garage sale here in Brookside. Excuse me if I don’t seem too excited, it’s just that this has been going on twice a year each of the four years I’ve lived here. The first year we did this in Brookside, I thought it was a great idea (even though the founder and coordinator of this event is another local REALTOR team), but as the years have gone by and we are now on garage sale #9,  I’m thinking this isn’t the greatest thing for our neighborhood. You see, Brookside is a relatively small gated community of about 260 homes in North Escondido. When I bought my house here in 2003, brand new and all mine to put my personal stamp on, I was incredibly happy that we had the gates…not just anyone could enter our beautiful oasis. It isn’t because I’m jealous ...
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By Jeff Dowler, CRS, The Southern California Relocation Dude
(eXp Realty of California, Inc.)
San Diego may not be New York City in terms of fashion, but we have our own Fashion Week. Spring seems to herald the onslaught of festivals and events, both indoors and out, in San Diego, and this one should be a winner.  Ready for the Cat Walk? Curious about what designers are doing with recycled products? Want to buy direct from area artists at a Trunk Show?  Escondido, located about 20 miles inland from Carlsbad/Oceanside, is hosting the area’s first FASHION WEEK from May 5 through the 10th. Mercedes Benz of Escondido is the official sponsor.Fashion Week will offer a broad range of events throughout the week including multiple runway shows. For those who watched Project Runway, here’s your chance to see Ricky Lizalde (who was born in Escondido) with his new line in a Charity Event o...
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