The Law Office of Michael E. Ripley

Exceeding Expectations

Long-Term Mortgage Interest Rates Close to All Time Low

 

There has been no change for long term mortgages in the U.S recently, according to the San Diego Union Tribune Newspaper (August 26, 2016). Instead, the average for the benchmark 30 year fixed rate martgage is 3.43%, as compared to 3.8.4% a year ago. The rate is now close to its all time low of 3.31%, the rate from November, 2012.

Home Sales Fell in July

 

Home Sales fell in July, 2016, according to the San Diego Union Tribune newspaper (August 25, 2016). This appears to be due to the shortage of available properties, and also because of steadily rising prices. Also, fewer homes are coming onto the market, causing a cap of sales growth.

Median Home Sales

 

According to USA Today newspaper (August 24, 2016) in addition to new home sales hitting their highest level since 2007, home prices, particularly in the median range, have also increased the best. Houses priced between $200,000-$400,000 remain the bulk of total sales, and the inventory of new homes for sale continues to fall.

New Home Sales Increase

 

According to the San Diego Union Tribune Newspaper (August 24, 2016) new home sales in the U.S. are the best since 2007. Last month, new home sales jumped 12.4%, to a seasonally adjusted rate of over 650,000 units.

Housing Prices Are Rising in San Diego County

According to the San Diego Union Tribune Newspaper (June 29, 2016)

The home prices for San Diego county rose 6.3% in the last 12 months, which is the highest rate of anywhere in the state of California. According to the article, the home price increase has reflected the low unemployment rate, low mortgage interest rates and the generally positive outlook among consumers.

 

New Home Sales Soared in April!

According to USA Today newspaper (May 25, 2016) sales of new homes soared 16.6% in April, which is a huge turnaround for March, where sales dipped for the third consecutive month. Across the country, buyer demand is exceptionally high in the mid-priced market.

San Diego Median Home Prices Increase By 7.5%

According to the Union Tribune (May 18, 2016) San Diego County home prices hit a level not seen since 2007. The median home price is now $490,000.00, a 7.5% increase from the same time a year ago.

Success Story: Mr. and Mrs. H. of San Diego

Good news for Mr. and Mrs. H. of San Diego.  They suffered an economic hardship due to a curtailment of income.  Through our office's work with their lender, Ocwen, we were able to obtain a loan modification, saving them $792.00 per month.  Their monthly payment decreased from $3,069.00 to $2,278.00, a savings of 26%.

Home Prices in San Diego Have Increased

A recent article in the San Diego Union Tribune (November 25, 2015) indicates that San Diego home prices crept up 6.6%, year over year, exceeding the national average of 4.9%.

Success Story: Ms. S. of Winchester, CA

Congratulations to Ms. S. of Winchester, California.  She had an economic loss through her work as a nurse.  We were able to accomplish a loan modification with her lender, Bayview, whereby she will save $840.00 per month, which is a 28% savings.  Her monthly payment decreased from $2,948.00 to $2,109.00.  Also, we were able to obtain a deferment of $72,474.00.

San Diego Home Ownership at Lowest Level since 1967

Recent news, in the San Diego Union Tribune (November 12, 2015) indicates that home ownership in San Diego is at its lowest level since 1967. There are now 43 million renters renting households in the county, the most in its history. Also, the median home price in San Diego is now $489,000.00, making it a toss up for millenials whether to buy or rent a house in America's finest city.

Success Story: Ms. V. of Murrieta

Excellent news for Ms. V. of Murrieta!  She suffered a loss of income in her retail cosmetic sales business.  In working with her lender, Bank of America, we were able to modify her loan and get her a 36% savings per month, or $758.00, from $2,110.00 per month to $1,352.00 per month.

San Diego County Home Prices Have Increased Slightly

In an article in the San Diego Union Tribune (October 28, 2015) home prices in San Diego County have had a very small increase, of .3%, which mirrored the national average. Year over year, San Diego home prices were up 6%, compared to an increase of 10.7% in San Francisco and 6.2% in Los Angeles.

Success Story: Mr. M of Escondido

Congrats to Mr. M. of Escondido.  He is self-employed as an engineer, and suffered a curtailment of income due to decreased business.  In working with his lender, Chase, we were able to obtain a loan modification.  His monthly housing payment went down from $4,749.00 to $3,104.00, saving him $1,378.00, or 31% per month.  The new interest rate is 2%, for the first five years, then goes to 3% at year six, and finally caps at 3.75%, for the remaining life of the loan.

San Diego Home Prices Increased!

According to an article in the San Diego Union Tribune newspaper, dated September 30, 2015, San Diego home prices increased by 0.8% in the month of July, and by 5.4% for the full year, which is the country's highest monthly gain.

Success Story: Ms. T of Escondido

Ms. T. of Escondido has excellent loan modification results!  She had a curtailment of income while working as a programmer.  Through our office's work with Nationstar, her monthly house payments decreased by $1,150.00, saving her 42%.  Her new monthly payment is $1,610.00, down from $2,759.00.  Also, her loan was going to reset from an interest only loan, making the payments increase to $6,086.00 per month, due to the loan modification we were able to get for her, this will no longer happen.  Finally, the interest rate is 2%, and then caps in year 7, at 3.5%.

Success Story: Mr. B of San Diego

We have excellent news for Mr. B. of San Diego.  Due to spouse's illness and decreased work hours at his job, he suffered economic hardship.  In working together with his lender, Chase, and reduced his house payments from $5,112.00 to $3,520.00, saving him $1,592.00, or 31%, per month.

Success Story: Mr. J of Escondido

Congratulations to Mr. J. of Escondido.  He is in retirement and is on fixed income.  Our office was able to decrease his monthly house payment with Wells Fargo by 24%, saving him $870.00 per month.  His payment decreased from $3,598.00 to $2,727.00 per month!

Success Story: Ms. L of Canyon Country

Great news for Ms. L. of Canyon Country, California!  She is a dentist and her income was down due to the general economic conditions.  In working with her lender, Bank of America, she is saving $1,263.00 per month, which is a savings of 34%.  Her previous monthly payment was $3,765.00 and was decreased to $2,502.00.  The terms of the loan modification include an interest rate of 4% for the loan's entirety, which is 21.5 years.

Confidence In The Housing Market of San Diego County Has Declined

In an article in the Union Tribune newspaper, dated September 10, 2015, the confidence of residents in the local housing market of San Diego County has declined. The optimism of renters in San Diego dropped from 7th place in 2014 to 12th place this year, nationally, with respect to people that expect to purchase a house within the next year. Finally, 69% of homeowners in San Diego County believe their homes value will be less next year than it is this year.

Success Story: Mr. and Mrs. A of Oceanside

We are pleased with the excellent loan modification we have obtained for Mr. and Mrs. A. of Oceanside.  Their income was reduced due to a reduction of work hours at their employers.  In working with their lender, PennyMac, they are now saving $869.00 or 25% per month.  The monthly payment decreased from $3,520.00 to $2,651.00 per month.  Finally, the interest rate, which is a 40 year loan, will be at 3.25% for the life of the loan.

Success Story: Mr. and Mrs. L of San Diego

Excellent news for Mr. and Mrs. L. of San Diego.  Mr. L. is retired military, and currently works as an optometrist.  His income is down by 50% due to a downturn in his business.  Through our work with his lender, Chase, we reduced his house payments to $3,121.00 per month, from $4,097.00.  This is a savings of 24% or $976.00 per month.  Chase also forgave $99,000.00 in unpaid back payments.  Finally, the new terms of the modification is an interest rate of 2% for the first five years, and will cap at 3.625% in year 7.

San Diego Home Prices Mirror Price Trends Across The Country

According to the Union Tribune newspaper (August 26, 2015), housing prices in San Diego County mirror the housing price trends across the country. Same house sales were up 4.5% nationally and 4.6% across the county, year-to-year, as of June, 2015.

Success Story: Mr. and Mrs. E of Encinitas

Congrats to Mr. and Mrs. E. of Encinitas!  Through our office's work with Nationstar, their previous monthly payment of $5,500.00 was reduced by $2,491.00 a month or 45%.  Also, their loan starts at a 2% interest rate, for the first five years, and after year 7, the interest caps at 3.875%.  Finally, Nationstar deferred back payments, or the amount they were in arrears, of $132,000.00.

Home Sales Have Reached Highest Since 2007

According to USA Today newspaper (July 23, 2015), U.S. home sales have reached their highest level since 2007. Home sales increased by 3.2% in June, 2015.  Economists indicated that the spring buying season for 2015 was the strongest since the economic downturn eight years ago. The median sales price of a previously owned home in the U.S. was $237,000.00, which is 6.5% above the price one year before.

Home Prices For The 20 Largest U.S. Cities Are Up!

In an article in USA Today (May 28, 2015), home prices for the 20 largest cities in the country are up 4.6% on an annual basis, this includes San Diego. The limited supply of houses for sale is the reason for the home prices increasing more than expected. It also indicates that home prices have year-over-year gains for 35 consecutive months across the country.  Finally, the median home sales price was $297,000.00.

Home Prices Are Up 4.6% for The 20 Largest Cities

According to USA Today (May 28, 2015) home prices are up 4.6% on an annual basis, for the 20 largest cities in the country (this includes San Diego). Home prices went up more than expected because of the sparse supply of homes for sale. The report also indicates that home prices have year-over-year gains for 35 consecutive months across the country and that the median sales price was $297,000.00.

Home Prices for Single Family Homes Are Increasing

In the San Diego Union-Tribune newspaper (May 27, 2015) the strong housing demand is fueling a steady growth in home prices. In March, the resale amount for single family homes went up by anearly 5%. In the past seven months, the pace of the increase has been between 4.6% and 5%. Although that is less than the 20% increase in 2013, economists still feel that the pace is strong relative to historical norms.

Success Story: Ms. P of San Diego

Congratulations to Ms. P. of San Diego!  She was having financial hardship due to her overtime hours being cut at her job.  We worked with her lender, ASC and then Wells Fargo, and were able to bring down her house payments from $3,072.00 a month to $2,029.00.  This is a savings of $1,043.00 per month, or 34%.

Success Story: Ms. E of Spring Valley
  • Great news for Ms. E. of Spring Valley.  Her income decreased from her work as a teacher.  Through our work with her lender, SPS, we were able to get a savings of 38% per month, or $870.00. Her monthly housing payment went down from $2,320.00 to $1,550.00.  She also has a new lower interest rate, of 2% for the first five years and will cap out at 3.875%.
Small Home Inventory Fueling Seller's Market

According to the Union Tribune newspaper (May 20, 2015) the small inventory of houses has fueled the seller's market over the last few months. Home sales in San Diego County surpassed 4,000.00 in April, for the very first time in two years. The median price also increased in April, 2015 to $455,000.00.

Success Story: Mr. and Mrs. S of San Diego

Congratulations to Mr. and Mrs. S of San Diego.  We worked with their lender, first Bank of America then Ocwen, and obtained a savings of $1,434.00 per month for them, with their house payment decreasing from $3,334.00 per month to $1,900.00 a month which is a 43% savings!

The following lists represents the results obtained for some of the Law Offices' clients. These results are highly dependent on the facts of each client's financial situation, including the amount owed by the client, the client's prior loan modification attempts, the market value of the property, the individual practices of each client's lender and other factors that are the subject of loan analysis before application. They are not indicative of the results that may be obtained for any particular client and they are not representative of what result may be obtained for any particular client, nor what result may be obtained for any particular lender.

Success Story: Mr. and Mrs. T. of Chula Vista

Good news for Mr. and Mrs. T. of Chula Vista.  They operate a home for the elderly, and had a significant decrease in income because of lost patients.  We worked with their lender, Ocwen, and were able to get their monthly payment reduced by 48%, from $5,787.00 per month to $3,024.00 per month, a savings of $2,760.00 every month!

Mortgage Rates at Their Lowest For 2014

According to USA Today (August 15, 2014) mortgage rates are at their low for 2014. The average rate for a 30 year loan dipped to 4.12%, and the average for a 15 year mortgage fell to 3.24%.

 

Success Story: Ms. J. of Coronado

Congratulations to Ms. J. of Coronado.  She was having difficulties making payments for her rental unit there.  Through our work with her lender, Ocwen, we were able to reduce her monthly payments from $3,896.00 per month to $2,836.00 per month, a savings of $1,178.00 per month, or 26% of the mortgage payment.

Success Story: Mr. and Mrs. T. of Carlsbad

Congratulations to Mr. and Mrs. T. of Carlsbad.  They had decreased income because of disability and illness.  Although they were 17 months delinquent on their house payments, through our work with their lender, Bank of America, we were able to decrease their house payments from $2,973.00 per month to $2,478.00, a savings of almost $500.00 per month, or 17% of their payment.  Also, their loan modification is at a fixed term for 30 years, at 3.875%.

Average Home Prices in the 20 Largest Cities is Up By 9.3%

According to an article in USA Today (July 30, 2014) the average home prices in the 20 largest cities across the United States were increased by 9.3% in May, compared to a year ago -- the smallest annual gain in more than a year. The article also says that it is good for the market, because it helps make homes more affordable and pulls in more buyers.

Success Story: Mr. and Mrs. T. of El Cajon

Congratulations to Mr. and Mrs. T. of El Cajon.  They are retired military, and have an economic hardship because of decreased income.  We worked with their lender, Green Tree, to reduce their house payments from $2,579.00 per month to $1,960.00 per month, a savings of $619.00 per month, or 24%.

Single Family Home Sales Dropped 8.1%

According to USA Today newspaper (July 25, 2014) sales of new single family homes in America fell 8.1% in June. Also, for existing homes, sales rose 2.6% in June, but are trailing last year's numbers by over 5%.

Home Sales Rose 2.6% Nationwide

An article in USA Today (July 23, 2014) states that existing home sales increased in June, for the third straight month. Nationwide, sales rose 2.6%, to an annually adjusted rate of 5 million. Also, the homes for sale inventory grew by 2.2%, to 2.3 million nationwide. That is a 5.5 months supply. Realtors consider a six month supply to be a balance market.

Home Prices Rising at Slow Pace

According to the Union Tribune newspaper (June 25, 2014) home prices are rising at a much slower pace as the housing market stablizes. Although house prices increased from April, 2013 to April, 2014 by 15.3%, from March to April of this year house prices only increased 0.8%, one of the slowest rates in the Nation. Moreover, San Diego joins San Francisco and Los Angeles as the only markets to see a 3% slow down in annual appreciation over the last few months.

Success Story: Mr. A. of Indio

Congratulations to Mr. A. of Indio. He works in computers/IT, and had problems renting a house for quite a while because of decreased rents and other problems. Through our work, we were able to decrease his house payments from $1,754.00 a month to $1,256.00 a month, a savings of $500.00, or 40%.

New Home Sales Are Up 18.6% in May

According to USA Today (June 25, 2014) there is quite a bit of good news lately for the housing market. New home sales jumped 18.6% in May, 2014. That is the sharpest increase since 1992. Also, existing home sales rose 4.9% last month, the strongest monthly gain in three years.

Existing Home Sales Are Up By 4.9% Since April

According to USA Today (June 24, 2014) existing home sales are up for a second straight month in May, up 4.9% since April. The monthly percentage gain was the highest since August, 2011. Market economists believe that the long-awaited spring bounce in home sales has finally happened.

Success Story: Mr. and Mrs. C of Chula Vista

Congratulations to Mr. and Mrs. C. of Chula Vista. They had decreased income because of unexpected family problems. Through our work with their lender, Ocwen, we were able to decrease their house payments by 42%, from $2,477.64 to $1,431.18. Also, their lender agreed to defer over $196,000.00 in monies owed, again through our work.

US Home Prices Have Leveled Off

According to the Union Tribune newspaper (June 12, 2014) home prices have leveled off across the county. Although the median price for homes sold in the county is now $440,000.00, a seven year high, we are now seeing the lowest year-over-year appreciation since August, 2012. By historical standards, inventory of homes for sale is still low, now being 7,000 active listings, below since March, 2012.

San Diego's Home Appreciation is Third Highest

According to the Union Tribune newspaper (May 28, 2014) San Diego home prices are growing, but much slower than before. The year over year increase in county home values was 19% in March, compared to 20% in February. San Diego's annual appreciation is the third highest of the 20 largest cities in the U.S. The report also indicates that San Diego County's median home price was $427,000.00 in March, and $435,000.00 in April.

Home Equity Loans Are Growing at Fatest Pace Since 2011

In the USA Today newspaper (May 27, 2014) home equity loans and house prices are rising. Credit lines originated by lenders increased by 20% in the last year, to 92.5 billion.  This is the fastest growing pace since 2011. The increase is due to the average home prices that were in February 23% more than 12 months before, for the 20 largest cities in the US.

Success Story: Mr. and Mrs. L of San Diego

Great news for Mr. and Mrs. L. of San Diego!  They are both retired, and suffered a reduction of income due to their retirement.  Through our office's work with their lender, NYCB Mortgage, we reduced their house payment from $2,476.00 to $1,070.00 per month.  Saving them 57% or a total of $1,070.00 per month.  Also, their lender deferred $102,000.00 in principal and provided them with a 2% loan.

Housing Recovery Has Slowed Down

According to an article in USA Today (May 12, 2014) the housing recovery has slowed significantly.  Experts estimate that existing home sales will drop by about 200,000 to 4.9 million in 2014. Economists link higher prices on homes, higher mortgage rates, and still strict lending standards, as the reason.

Success Story: Mr. N of Escondido

Congratulations to Mr. N. of Escondido.  Mr. N. is retired, and suffered an economic hardship due to divorce.  Through working with his lender, Bank of America, our office was able to get a principal reduction for him of $51,000.00.  We were also able to reduce his house payment from $1,997.00 per month to $1,600.00 per month, saving him $397.00, or 20% of his mortgage payment.

Success Story: Mr. and Mrs. E of National City

Good news for Mr. and Mrs. E. of National City.  Mr. E. is retired from the military and Mrs. E. works in the industrial sector.  Their income was down by 50% because of economic hardship.  Although Mr. and Mrs. E. were delinquent by over $108,000.00 in past due payments when they came to us, our office was able to obtain a loan modification for them that reduced their monthly payment from $2,519.00 to $1,683.00, saving them $836.00 per month, or 33%.

Home Sales Have Plunged

According to an article in USA Today (May 1, 2014), home sales in the country have plunged recently. From the month of February to March, new home sales fell 14.5%, throughout the country, from 450,000 to 384,000. Factors influencing the home sales decrease includes: adverse weather in the east (although home sales in the west fell 16.7%); mortgage rates have risen to 4.27%, compared to 3.47% a year ago; and the median home price increased 13%, across the country, to $290,000.00.

Success Story: Mr. and Mrs. S of Carlsbad

Great news for Mr. and Mrs. S. of Carlsbad.  They had an economic hardship due to their income in the recruiter business being only commission based.  Through working with their lender, Bayview (originally Bank of America), we decreased their monthly payment by $1,304.00 per month, or 30%.

17% of All U.S. Homes are "Seriously Underwater"

An article in USA Today (April 28, 2014) states that 17% of all homes in the U.S. are "seriously underwater," in terms of owing more than what the home is worth. Specifically, the article indicates that 9.1 million homes owe at least 25% more than the market value of their homes. Although this is an improvement from 2012, when about 29% of all homes were "seriously underwater," the ongoing situation has added to the lack luster housing market in the last few months. Also indicated in the article is that more than 9 million homeowners owe an average of 68% more than their home's value.

San Diego County Leading Price Appreciation for Homes

In th Union Tribune newspaper (April 30, 2014), an article indicates that San Diego County led the country in price appreciation for homes in the month of February. There was more than a 1% increase from January to February, which is the highest in the country. The main reason for the increase is a fundamental housing shortage in San Diego County.

Housing Recovery is Stalling

According to an article in USA Today (April 30, 2014), housing recovery has been stalling over the last couple months. Reasons for this includes higher mortgage rates, low inventory of houses for sale, and rising home prices of more than 20% within the last two years.

Success Story: Mr. and Mrs. L of San Diego

Congratulations to Mr. and Mrs. L. of San Diego.  Mr. L. is retired from the military, and they both now work in the optometry business.  Our office worked with their lender, Nationstar, to reduce their monthly payment to $1,429.00 per month from $1,934.00, saving them $505.00 per month, or 26% of their house payment.

  • Success Storey: Mr. S of Jamul
  • Great news for Mr. S. of Jamul!  He is self employed in the business of office buildings.  Through working with his lender, Nationstar (originally Countrywide), and despite the fact that he was past due by 65 months on his mortgage loan, our office was able to obtain a loan modification that reduced his payment from $2,111.00 per month to $1,334.00, saving him $777.00 a month, or 37% of his mortgage payment.
Amount of Loan Modifications are Steady; Short Sales are Down

In an article on MortgageNewsDaily.com (April 2, 2014), the rate of loan modifications in the U.S. has remained steady, however the rate for short sales has considerably decreased. In the fourth quarter of 2013, there was a decrease in short sales of about 25%, compared to the third quarter. However, in the fourth quarter of 2013 for loan modifications, there were over 100,000 completed. There have been 3.1 million loan modifications since 2008, of which 1.6 million received permanent or final loan modifications and another 900,000 received some other type of home retention assistance.

Success Story: Mr. and Mrs. T of El Cajon

Congratulations to Mr. and Mrs. T., of El Cajon.  Mr. T. is retired from the U.S. Navy and Mrs. T. is a nurse.  They experienced economic problems because of a decrease in work hours.  After working with their lender, Green Tree, we reduced their monthly payment to $1,960.00 per month from $2,579.00.  Saving them $619.00 per month or 24% of their monthly payment.

Home Sales in San Diego County Off to a Slow Start

An article in the Union Tribune (April 16, 2014) suggests that 2014 home sales in San Diego County are off to a slow start. There were 3,057 homes sold in San Diego County in the month of March, 2014, at a median price of $427,000.00. This is a drop in sales of 20% compared to March, 2013. Typically, home sales increase in the month of March, and gets better toward the summer. A factor causing the slow start is the inventory of homes for sale is still small.

Success Story: Mr. and Mrs. G of Bonita

Great news for Mr. and Mrs. G. of Bonita!  Due to the economy, Mr. G., a retired police officer and Mrs. G., who is self-employed, suffered a decrease in income.  After working with their lender, Wells Fargo, their monthly payment decreased from $5,500.00 to $3,135.00, saving them $2,365.00 per month, or 44%.  Also, Wells Fargo deferred $16,020.00, the total amount that Mr. and Mrs. G. were in arrears on their monthly mortgage payments.

San Diego County Housing Market Picked Up in February

An article in the Union Tribune (March 13, 2014) states that the housing market in San Diego picked up in February, but it was still not enough to reverse a trend of a decline in sales and lower appreciation. The median price in February, 2014 was $410,000.00, which was up from $405,000.00 in January, 2014 and was 14.2% above the $360,000.00 median price from one year before. The article goes on to indicate that San Diego appears to be returning to its historical appreciation of 3%.

Success Story: Mr. A. of Oakland, CA

Good news for Mr. A. of Oakland.  Mr. A. works in the computer business, and suffered a reduction in income due to relocation and going back to school.  After working with his lender, Seterus, we were able to reduce his house payment by 16%, a savings of $788.00 per month.  He also obtained a 4% loan for the next 40 years.

Success Story: Mr. B. of Escondido

Congratulations to Mr. B. of Escondido!  He suffered a large reduction in income while working in the real estate industry.  Through our efforts with his lender, Countrywide (and later Bank of America) we were able to obtain a loan modification decreasing his monthly house payment from $3,221.00 to $2,720.00, or a 17% reduction.  In addition, his lender also gave him a principal reduction in the amount of $308,000.00!

The San Diego Housing Market Ended 2013 With The Best Price Appreciation Since 2004

According to an article in the Union Tribune newspaper (February 27, 2014), the San Diego housing market slowed down during the second half of 2013, however, it ended the year with some of the  best price appreciation in the nation. The 18% increase during 2013 was San Diego's best price appreciation since 2004, when home values went up 26.6%.

Success Story: Mr. and Mrs. T. of Carlsbad

Good news for Mr. and Mrs. T. of Carlsbad. They were 17 months delinquent on their house payments when they came to our office - owing more than $51,000.00. After working with their lender Bank of America, we were able to obtain a loan modification for them that reduced their monthly payment from $2,973.00 to $2,478.00, saving them $495.00 per month, or 17%.

The Average Median Size of Homes Are Becoming Larger

According to USA Today (February 26, 2014), the size of houses are getting bigger. In 2008, the average median size of a new home was 2,266 square feet, compared to 2012, where the average median size of a new home was almost 2,400 square feet.

Success Story: Mr. and Mrs. J. of San Diego

Great news for Mr. and Mrs. J. of San Diego. They went through a financial hardship when Mrs. J. lost her job, losing 50% of the family's income. Through our work with their lender, Ocwen, we were able to reduce their loan payment from $891.00 to $486.00 per month, a savings of 55%. Their new loan is also at 2%, for the next 20 years.

San Diego is Ranked Fifth in Housing Growth for 2013

According to the San Diego Union newspaper (February 26, 2014), San Diego is ranked fifth for housing growth in 2013, in the country. The price appreciation in San Diego for the year was at 18.0%.

Success Story: Mr. and Mrs. R. of Escondido

Congratulations to Mr. and Mrs. R. of Escondido.  They are self-employed and run their own business.  Due to a decrease in business, they suffered economic hardship.  Through our work with their lender, Ocwen, we obtained a principal reduction for them of $203,500.00 and were able to get $65,500.00 deferred.  Their loan payment went from $2,898.00 to $2,466.00, saving them over 15% per month.

House Prices at the End of 2013 Were Flat

According to an article in the Union Tribune newspaper (January 29, 2014), the prices of houses during the last quarter of 2013 were flat, however, they were up by 18.7% for the calendar year.  The article states that the housing market is leveling off.  Forecasts by experts in the article indicate that house prices will continue to increase by around 3.5% in the next 12 months.

Success Story: Mr. P. of San Diego

Great news for Mr. P. of San Diego.  Being self-employed in the printing business, he suffered economic hardship due to a decrease in his income.  By working with his lender IndyMac and then Ocwen, our office was able to obtain a 26% reduction of his monthly house payment from $3,705.00 to $2,737.00, saving him $968.00 per month.  His loan is also set at a rate of 4.25% for the next 20 years.

Foreclosures and Default Notices in SD County Have Dropped

An article in the Union Tribune newspaper (January 22, 2014) states that foreclosures and default notices in 2013 have dropped to their lowest levels in San Diego County since 2006.  There were 6,300 default notices in 2013 and 2,400 of those properties were repossessed.  Due to home values continuing to increase, this causes the amount of homes that go into default or that are foreclosed on to decrease.

Success Story: Mr. and Mrs. J. of San Diego

Great news for to Mr. and Mrs. J. of San Diego.  The loan modification we obtained for them with Ocwen calls for a principal reduction of $15,400.00, as well as payments decreased from $890.00 per month to $486.00 per month, a savings of 55%.  Their loan modification calls for a 2% loan, for 20 years.

San Diego House Prices Up In Last Quarter of 2012

As set forth in an article in the San Diego Union Tribune newspaper (January 1, 2014), house prices were up in San Diego during the last quarter of 2012, but at a much slower pace than before. Home prices increased only 0.3% during the last three months of 2012, as compared to the 12 months before that, when the increase was 20.9%. Factors involved in the slow down include fewer distressed sales, a slow down in demand at the end of the year, and an increase in interest rates. The article goes on to state the expectation of a single digit annual price gains in the coming year, and interest rates are also expected to increase slightly.

Success Story: Mr. J. of San Diego

Through our work with Bank of America, for Mr. J. of San Diego, his loan was modified by 34%, from a payment of $7,610.00 per month to a payment of $5,020.00 per month, a savings of $2,590.00 per month.

Foreclosures and Defaults in SD County at an 8 Year Low

According to the San Diego Union Tribune newspaper (January 4, 2014), foreclosures and defaults in San Diego County have decreased to an eight year low at the end of 2013. The article estimates that there will be between 150 and 200 foreclosures each month in the coming months, as the economy improves and house prices rise. In November, the median price for a house in San Diego was $415,000.00, an increase of $2,500.00 from three months before.

Success Story: Mr. and Mrs. F. of Las Vegas

Congratulations to Mr. and Mrs. F. of Las Vegas, Nevada, school district employees who have reduced income because of less work hours.  Through our work with Bayview Loan Servicing, their house payment was reduced by $647.00 per month, or 49% from $1,322.00 per month to $675.00 per month.  Also, Mr. and Mrs. F. had been 10 months delinquent in their payments.  The terms of the loan modification allowed for deferred payment of $57,448.00 of the principal amount owed.

New Home Sales Adjusted Annual Rate Has Jumped in the U.S.

An article in the San Diego Union Tribune newspaper (January 5, 2014), states that new home sales across America jumped by 25.4%, to a seasonally adjusted annual rate of $440,000.00. This is the largest monthly percental increase since May, 2008.

Success Story: Mr. M. of Valley Center

Good news for Mr. M. of Valley Center, California.  Through our work with his lender, Nationstar, his monthly house payment decreased from $3,770.00 per month to $3,411.00 per month, a savings of 19%.  The terms of his loan modification have 2% payments for five years, 3% payments for another two years, and is then capped at 4%.

Success Story: Mr. and Mrs. F. of Las Vegas

Good news for Mr. and Mrs. F. of Las Vegas, Nevada.  They had economic hardship involving reduction of income because of decreased work hours in their work for the school district.  Through our work, with their lender Bayview Loan Servicing, we were able to obtain a loan modification that decreased their monthly payments from $1,323.00 per month to $675.00 per month, a savings of $647.00 per month, or 49% of their payment.

Success Story: Mr J of San Diego

Congratulations to Mr. J. of San Diego.  He is self-employed as a flooring contractor, and had decreased work because of the economic downturn.  We were able to negotiate a loan modification through his lender, Bank of America, that decreased his payments from $7,610.00 per month to $5,020.00 per month, a savings of $2,590.00, or 34% of his payment.

Success Story: Mr. B. of Poway

Good news for Mr. B. of Poway.  He is self-employed.  Through our work with his lender, American Servicing Company, his monthly payment decreased from $4,770.00 per month to $3,370.00 per month, a savings of 29%, or $1,399.00 per month.

Success Story: Mr. and Mrs. C. of Carmel Valley

Congratulations to Mr. and Mrs. C. of Carmel Valley, California.  He is self-employed, and his income was down because of decreased business.  They were 33 months past due on their house payments, and owed about $250,000.00 in arears.  Through our work, their loan was modified with Bank of America, such that their house payment decreased from $5,489.00 per month to $4,087.00, a savings of $1,401.00/month, or 26%.  Also, we were able to avoid a foreclosure, which was set 15 days after their first appointment with us.

Home Sales and Home Prices Down Compared to Last Month

According to the Union Tribune newspaper (September 13, 2013), home prices and home sales slipped a bit in August, compared to the previous month, in San Diego County.  Sales were down 9.5%, and the median price decreased from $418,000.00 to $415,000.00.  Still, that number is an increase of 20.2% from a year ago. 

Success Story: Ely E. of Escondido

Good news for Ely E. of Escondido.  Ely is self employed in the bakery business, and because of the down turn in the economy and decreased business, he sought loan modification.  When he came to us, he was 26 months delinquent, and owed $65,000.00 in back payments.  Through our work, we were able to have the bank defer $95,646.00 so that it would be due at the tail end of the loan, rather than now.  We also were able to obtain loan modification that starts at 2% per year, for five years, and caps at 3.5%.  His monthly payment was reduced from $3,005.00 to $1,980.00, a savings of $1,025.62 per month, or 34%.

Success Story: Mr. and Mrs. M. of San Diego

Good news! Mr. and Mrs. M. of San Diego, CA, successfully got a loan modification through Bank of America, whereby their payments went from $2,460.00 per month to $1,505.00 per month, a savings of almost 39%!

Success Story: Noemi M. of San Diego

Congratulations to Noemi M., of San Diego, CA. We successfully modified her loan with AHMS which resulted in a 65% savings - her house payment went from $2,064.00 per month to $716.00 per month.

Success Story: Edward H. of San Diego

Congratulations to Edward H., of San Diego, CA. His loan with Litton Loans Servicing, was reduced 24% through our work from $2,614.00 to $1,991.00.

Success Story: Ms. Beth Y. of San Marcos

Good news for Ms. Beth Y., of San Marcos, CA. Through our work, her loan with Chase resulted in a savings of over 24% per month, from $3,360.00/month to $2,542.00/month.

The Federal Government Announces New Home Loan Modification Program

According to an article in USA Today (March 28, 2013), the federal government has announced a new home loan modification program to help more struggling homeowners. The improvements in the program include requiring no documentation of income or financial hardship. On average, the expectation is that monthly payments will be reduced by 30% in order to be eligible for the new program, a homeowner must be between three months and 24 months delinquent on their loan. Also, the amount they owe on their mortgage must be at least 80% of their home value. The article indicates that throughout America, one in five homeowners owe more than their home is worth.

Flipping Houses in San Diego is Becoming Profitable Again

According to the Union Tribune newspaper (May 9, 2013), flipping houses in San Diego is making a profitable comeback. The article indicates that 31% of the homes sold in the first quarter of this year were bought for investment or for vacation homebuyers. The article also indicates, that those that flip houses, the average purchase is $300,000.00, the average flipped price is $385,000.00, a gross profit of 29%.

Existing Home Sales Up By 6.5%

As indicated in an article in USA Today (August 22, 2013), existing home sales rose 6.5% in July, reaching their highest level in four years. The sales rate was up 17% from the same time last year. The article also indicates that interest rates on a 30 year mortgage have risen by a full percentage point since a month ago, which means for a buyer of a median priced home, who puts 20% down, the monthly payment increases by about $100.00.

Houses Are Becoming Less Affordable

According to USA Today (August 19, 2013), housing is becoming less affordable in a number of major markets, including San Diego. The problem, as the article explains, is that incomes have not been increasing, but housing prices and interest rates have been increasing. For five of six major areas in California, including San Diego, prices are 21% higher now than they were a year ago.

Home defaults in San Diego County are declining

According to the Union Tribune Newspaper (August 21, 2013), default declined in San Diego County by 21%, from June to July, 2013. From July, 2012 to July, 2013, foreclosures are down 68%. Factors that are affecting this include government mortgage aid programs, increased equity, and mortgage refinancing.

USA Today on repossessed homes in California

According to USA Today newspaper (August 13, 2013), the average repossessed home in California fetched 85% of the unpaid loan balance this year, compared to 64% a year ago.

San Diego Home Prices Are at a Five Year High

According to the Union Tribune Newspaper (July 31, 2013), San Diego home prices have reached a five year high.  They rose 17% from a year ago.

Success Story: Mr. and Mrs. V. of Chula Vista

Good news for Mr. and Mrs. V of Chula Vista.  They had previously received a loan modification from their lender, Chase Mortgage, in 2009.  The interest rate was scheduled to reset in the next few months and it would become too high for them to handle. 
Through our work, we were able to decrease their monthly payment by $1,461.00, a savings of 35%.  We also obtained a principal reduction for them, for forgiveness of their debt, in the amount of $126,000.00.

Success Story: Mr. P. in San Diego

Congratulations to Mr. P, he lives in San Diego.  He came to us with a rental property in foreclosure, and we were able to obtain a loan modification for him, that included principal reduction of $369,000.00, and a decrease in his monthly payment from $3,871.00 to $2,310.00, a savings of 40% per month.

Success Story: Mr. and Mrs. A. of Chula Vista

Congratulations to Mr. and Mrs. A of Chula Vista.  We were able to obtain a loan modification for them with their lender, Chase Mortgage, that starts at 2.5% for the first five years and caps at 3% for the next 25 years.  Their monthly house payment decreased by 28% for the first five years, and by 24% for the remainder of the term.  The savings are between $800.00 and $900.00 per month.

Defaults on Home Loans in San Diego County Are at Their Lowest Since 2006

According to the Union Tribune Newspaper (July 24, 2013) defaults in San Diego County on home loans are at their lowest level since 2006. Also, foreclosures totaled 1,490 for the first half of the year, which is the lowest since 2006 as well. This is due, according to the article, in part to the fact that home prices have now risen to 5 1/2 year high.

Success Story: Mr. and Mrs. F. of Escondido

Good news for Mr. and Mrs. F. of Escondido.  The husband's work as a structural engineer was reduced because of economic hardship.  Through our work with Chase, we were able to reduce their monthly payment from $4,482.00 to $3,104.00, a savings of $1,377.00 per month, or 31%.

Success Story: Mr. and Mrs. B. of Murrieta

Congratulations to Mr. and Mrs. B. of Murrieta.  Their loan is with Bank of America.  Their loan payment before our work was $1,546.00 per month, and after our work, $989.00 per month, a savings of $798.00 per month, or 44%.

Foreclosures Dropped 47% Nationwide

According to the Union Tribune Newspaper (July 10, 2013) a continuing trend exists for foreclosures in California, nationwide, although California continues to be one of the leaders in home repossessions.  Nationwide, foreclosures dropped 47% from one year to the next, although foreclosures in the San Diego area totaled almost 5,000 for the last year, ranking it twelfth nationwide in foreclosures.

Success Story: Mr. C. of Oceanside

Good news for Mr. C. of Oceanside.  His work as a mechanic was decreased because of the economy.  Through our work, we obtained a loan modification with his lender, SLS, so that his payments went from  $2,048.00 per month to $1,695.00, a savings of 31%.  Also, he was delinquent eight months, and we were able to have the monies owed for that deferred to the tail end of the loan.

Success Story: Mr. F. of Escondido

Congratulations to Mr. F. of Escondido.  His work, as a structural engineer, decreased because of the economy.  Through our work with his lender, Chase, we were able to decrease his monthly payments by $1,377.00 per month, a 31% per month savings.  The terms of his loan modification include an interest rate at 2% for the first five years, and 3.5% for the duration of the loan.  Also, we were able to avoid foreclosure for him, although he was eight months delinquent with regard to his house payments.

Home Prices in San Diego Are Up 15%

According to the Union Tribune newspaper (June 26, 2013) home prices in San Diego are up 15% from a year ago, and 4% from one month ago.  The gains bring back home values to the same as they were in June, 2008.

Less Than 10 Million People in the US Have "Underwater" Mortgage Loans

According to USA Today (June 12, 2013) this is the first time in over 3 years that there are less than 10 million people in the United States with loans that are "underwater" -- that is, that owe more on a house than it is worth.  Nationwide, 9.7 million people, or 19.8% of homeowners with a mortgage, now owe more on their houses than they are worth.  Across the country, home prices increased 12.1% in April, compared to a year ago.

Success Story: Mr. and Mrs. C. of Los Angeles

Congratulations to Mr. and Mrs. C. of Los Angeles. They are in the film and moving making industry, and suffered hardship because of mandatory furlough days at work. Through our efforts, we were able to obtain the loan modification that decreased their loan payments from over $2,900.00/month to about $1,100.00/month, a 62% per month savings.

San Diego Home Prices Hit Two Year Highs in May!

According to the Union Tribune newspaper (June 12, 2013), home prices hit two year highs in San Diego last month.  The median price for a home sold last month was $406,000.00, a 2% increase from a month before and a 21% increase from a year ago.  Also, there is increased demand for homes.  In May, 2013 there were a total of 4,236 homes sold, the highest tally since June, 2006.

San Diego Home Prices Up By 12% in March, 2013

According to the Union Tribune (May 29, 2013), home prices in San Diego hit a five year high last month. Prices in March, 2013 are up 12% from the same time a year ago. There are also a growing number of buyers bidding for a tight supply of homes, which drives housing prices higher.

Success Story: Mr. and Mrs. V.H. of Rancho Penasquitos

Congratulations to Mr. and Mrs. V.H. of Rancho Penasquitos. They suffered financial hardship because of reduced work hours. Through our work, we were able to reduce their monthly payment on their loan, with Wells Fargo, saving them $1,440.00 per month, which is about 40% of their payment. Also, they were four months behind on their payments, and we were able to obtain forgiveness for them of principal in the amount of $84,800.00.

Housing Market 2012 according to Time Magazine

According to Time Magazine (February 18, 2013), the housing market is showing signs of sustained growth.  According to a study for the 20 largest U.S. cities, house values increased 5.5% during calendar year 2012.  For San Diego, house values increased 8% during that time period.

San Diego Union-Tribune talks SD housing prices

According to the San Diego Union-Tribune (February 14, 2013), San Diego County home prices took their "usual winter break", and slipped 4.4% from December 2012 to January 2013.  The median price at the end of January is $350,000.  Also, the number of sales dropped dramatically, by 28% from December to January.  For the previous year, however, the article indicates that prices were up 20% in calendar year 2012.  Finally, absentee buyers - that is, those buying vacation homes or as an investment - represented a record 31% of all homes sold.

USA Today - There are a short supply of homes for sale and prices are up!

According to USA Today (January 31, 2013), homes for sale are in short supply, and prices are up.  The article indicates home prices in November were 7.4% higher on average than a year before.  Data also indicates that for the 19 major markets in the west, including San Diego, new listings are down 30% the first two weeks of January, 2013, compared to a year earlier.

San Diego housing market is less distressed than one year ago

According to San Diego Union Tribune (February 18, 2013), the housing market in San Diego is considerably less distressed than a year ago.  Mortgage defaults in San Diego County are at their lowest level in seven years, and foreclosures are at a six year low.  The article indicates that Notices of Default, the first step in the foreclosure process, saw a 65% drop in December, compared to a year ago, and there was a 78% drop in Notices of Foreclosure.

Real estate values increased 5.4% in states with non-judicial foreclosure

As indicated in an article in USA Today (February 19, 2013), states with a faster foreclosure process are seeing sharper increases in home prices, as compared to states where foreclosures take longer.  In California, which allows non-judicial foreclosure, increases in home values were within the top seven states in the country.  Overall, real estate values increased 5.4% in the states that allowed non-judicial foreclosure, compared to 3.2% in the states that required judicial foreclosure.

Supply of existing homes for sale has fallen

According to USA Today (February 27, 2013) the supply of existing homes for sale has fallen for seven straight months, hitting an eight year low in January, 2013.  As indicated by the National Association of Realtors, it is now a seller's market.  Unfortunately, the return to a good inventory level could take years, because many homeowners cannot sell, because they have no equity, or still owe more than their house is worth.

San Diego home prices are up 9% according to San Diego Union Tribune

According to San Diego Union Tribune (February 27, 2013), San Diego home prices are up 9%, compared to a year ago.  This is the highest increase for any given month since July, 2010.  According to local real estate tracker DataQuick, the median price for a San Diego home sold in January was $350,000.00, nearly 15% higher than a year ago.  However, the county is still about 32% below the peak of $517,000.00 set in November, 2005.

The foreclosure settlement between the US government and 13 banks will spread $3.6 billion dollars

An article in USA Today (March 1, 2013), a foreclosure settlement between the U.S. Government and 13 banks will spread $3.6 billion dollars in cash among millions of buyers beginning in April, 2013.  There is also $5.7 billion dollars available in mortgage relief, that may favor borrowers with the biggest unpaid loan balances.
For the first settlement, the cash will be split among 4.2 million borrowers who were in foreclosure between 2009 and 2010, and a loan serviced by one of the 13 banks involved.
For the second amount, those same companies expect to meet their $5.7 billion dollar mortgage relief obligation by modifying loans.

Fannie Mae is overpricing homes in California

As indicated in an article in the Union Tribune, of March 2, 2013, it is happening that mortgage giant Fannie Mae is overpricing homes in California, causing a number of short sale deals to fall apart and pushing the homeowners toward foreclosure.  According to the article, Fannie Mae is starting the short sale process by pricing homes at between 20% and 40% above neighboring comparable sales, which it makes it difficult to go forward with the short sale process for many homeowners.