Foreclosure activity increased 65 percent nationwide year-over-year, according to RealtyTrac’s Q3 2010 Metropolitan Foreclosure Market Report. The report showed that cities in California, Florida, Nevada, and Arizona once again accounted for all top 10 foreclosure rates in the third quarter among metropolitan areas with a population of 200,000 or more, while cities outside those four states accounted for many of the biggest increases in metro foreclosure activity. California, Florida, Nevada, and Arizona cities also accounted for 19 of the top 20 metro foreclosure rates.
With one in every 36 housing units receiving a foreclosure filing during the third quarter, Modesto, Calif., posted the nation’s third highest metro foreclosure rate, despite a nearly 18 percent decrease in foreclosure activity from the third quarter of 2009. Other California metro areas in the top 10 were Stockton at No. 4; Merced at No. 5; Riverside-San Bernardino-Ontario at No. 6; Bakersfield at No. 9; and Vallejo-Fairfield at No. 10, according to the report.
A total of 48,849 properties in Los Angeles-Long Beach-Santa Ana area received a foreclosure filing in the third quarter, the second highest metro total, despite a nearly 3 percent decrease from the previous quarter and a nearly 30 percent decrease from the third quarter of 2009
Michael-Edward Cruz (Broker) delivers real estate information for North San Diego, South Orange and South Riverside Counties. If you need to know about your real estate market for Carlsbad, Aviara, Bressi Ranch, La Costa, San Clemente, Talega, Shorecliffs, The Reserve, Temecula, Red Hawk, Wine Country. If you live outside these areas and need help with an agent referral we can help you.
Michael-Edward Cruz
California Real Estate Broker 01758933
www.mikerebroker.com
www.shortsalemc.com
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Record California Foreclosures Result in More Bank Short Sale Woes
With an ever increasing number of foreclosures happening daily across the country, it’s only a matter of time before tax payers will likely be forced to pick up the tab for bank short sale mishaps related to top ranking California foreclosures.
My name is Michael-Edward Cruz, if you enjoyed this article then visit my facebook fan page and subscribe. I will continue to post related stories from other writers or my own about the real estate market.
We are based in Carlsbad California and have a network of agents all over Southern California.
Michael-Edward Cruz
Independent California Broker 01758933
800-374-9110 Ext 1
www.mikeREbroker.com
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By Scott Dickensheets
Monday, Nov. 15, 2010 | 2 a.m.
In 2004, two years before I bought my house, a website urged real estate investors thusly: “It is important that investors make their investments as soon as possible. This is because Las Vegas is growing and expanding at a scorching pace.”
In 2005, one year before I bought my house, Ken Jones of something called the Institute of Real Estate Technologies was — in a document on greatlasvegashomes.com — dismissing fears of a bursting real estate bubble: “However, there is no rationale or fact-based reasoning being put forth to support this fear; just that ‘prices are too high.’ ”
Michael-Edward Cruz
Independent California Broker 01758933
800-374-9110 Ext 1
www.mikeREbroker.com
Follow me on www.twitter.com/mikerebroker
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Foreclosures are on the rise, now that banks are tired of pretending to modify loans. Lenders finally start to release this inventory. Now that summer is over, they are looking to get rid of as many properties are possible.
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If you or someone you know is thinking about short selling their home or buying a new one call the best today.
Michael-Edward Cruz
Broker License 01758933′
800-374-9110 Ext.1
Just received an email from Kristen Babiraci, Title Officer with USA National Title in So OC. It had great information for the public so I wanted to share it with you all.
Hi Michael!
Creative financing: You’ve heard of it, and, as a seller, the idea sounds pretty attractive. But, do you know everything you need to know about carrying back a second; essentially, about becoming a lender? You better know the same things that financial institutions know – you better know about lender’s title insurance.
It’s time to sell your $150,000 home, a home that you have owned for fifteen years, a home in which you have substantial equity. The loan terms call for a $20,000 down payment from your buyer, a new $100,000 loan from a local savings and loan, and for you, the seller, to carry back a note for the remaining $30,000.Will you, the seller, need title insurance?
Yes, you will. Everyone who retains an interest in the property needs title insurance. When you took on the role of lender, you retained a record title interest which you will want to protect for the term of the loan.
But, why would you need lender’s title insurance when the repayment of your loan is assured by a lien in the form of a recorded deed of trust against the property? What could possibly go wrong?
You must insure yourself for the same reason that financial institutions obtain title insurance – for the protection of your investment. You must be assured that your lien on the property cannot be defeated by a prior lien or other interest in the property, which, if exercised, would wipe out your security.
Anything that involves the new buyer’s ownership rights to the property is of direct interest to you because you are holding the second mortgage. If such ownership rights are in question or defective, you may have trouble collecting your monthly mortgage payments. But, you say, there is nothing in your property’s history that could cause problems: no problems with easements, no problems with boundaries, no problems with rights-of-way.
Contrary to what may be popular belief, these matters are not the only source of title problems; a large proportion of title problems arise out of man’s interaction with man. The fact of a marriage, a divorce, a death, a forgery, a judgement for money damages, a failure to pay state or federal taxes – these occurrences can and usually will affect your rights as a mortgage lender.
As an example of what can befall the lender, did you know that a federal tax lien recorded against your “buyer” before the loan transaction is concluded may result in the loss of security in “your” home?Sophisticated mortgage lenders are aware of this possibility as well as many others which could jeopardize their loan security and seek the protection afforded by a lender’s title insurance policy.
If you are considering carrying back a second, be sure to get all the facts regarding the benefits of lender’s title insurance.
USA National Title Company will be happy to provide the information you need.
Warm regards,Kristen Babiracki
USA National Title Co.
(949)280-3619
For what you pay for (or are not paying) on small home, you could rent a mini mansionExample: This home is in San Bernardino County the mortgage is 399,000. With a 7 % interest rate the payment is about$ 2654.55. plus taxes and insurance $3150 per month. Its now worth about 130,000
They may never modify the loan. Even though they make you think they will. So instead, why not short sale your home and rent a nicer home?
For the same price your could be living here
Your loan is $399,000 the home is worth #130,000
Obviously if your not paying your mortgage their is a good reason. The point I am trying to make is you have to be smart and know that you can recover from situations like this and sometimes it does not make sense to get lured into ideas that will not work. I have met many homeowners who have been told they might qualify for a modification. Only to find out they were just acting like they wanted to help.
When you ready to get back to happiness, call us and we will help you short sale your property.
Michael-Edward Cruz
01758933
760-689-BANK
See below
If you need a Real Estate Team that understands the market, give us a call.
Michael-Edward Cruz
Broker Lic 01758933
951-572-2789
760-689-BANK (2265)
A federal tax credit makes energy-efficient solar water heaters a more affordable and sustainable option for many homeowners. Read
Upgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and earn you a tax credit worth as much as $1,500. Read
Replacing your roof with a qualifying energy-efficient metal or asphalt roof can cut your cooling bill and earn you a $1,500 tax credit. Read
A federal tax credit makes adding insulation an even cheaper way to improve your home’s energy efficiency and cut your heating and cooling bills. Read
If money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS
The Press-Enterprise
The Temecula Valley Council PTA will sponsor a free, two-part, workshop on creating school-family-community partnerships from 10 a.m. to 1 p.m. Tuesday and Feb. 23.
The workshop will include information on parent information resource centers, ways parents can get involved in schools and other topics.
The workshop is open to parents from any Temecula Valley Unified School District campus, but seating is limited and reservations are required. The sessions will be in the community room at the Temecula Public Library, 30600 Pauba Road.
Information: council President Jeannie Hardy, 951-694-5655, orinfo@tvcpta.org.
If you or someone you know is in danger of losing their home to foreclosure call:
For North San Diego County – TROY HUERTA 760-420-5498
For South Riverside & South Orange County – MICHAEL-EDWARD CRUZ 951-572-2789 & 949-630-9743
