San Clemente Real Estate News

President Obama Wants A Smoother Refinancing Process

Recently introduced legislation aimed at removing refi barriers

Posted on May 16, 2012 by Matt.

Owners of San Clemente real estate, like homeowners around the country, are in a great position to refinance their current mortgages due to historically low interest rates. However, many borrowers are encountering significant hurdles when attempting to complete a successful refi, and President Obama is calling on Congress to pass legislation making the refinancing process easier for consumers. A recent article in Realtor Magazine, "Obama Calls for Changes to Make Refinancing Easier," highlights legislation introduced by Democrats last week that will hopefully allow more homeowners ... Read More »
State-Run Mortgage Assistance Program Gets A Facelift

Changes will hopefully convince more mortgage servicers to participate

Posted on May 08, 2012 by Matt.

For current homeowners still struggling to make their monthly mortgage payments, the state of California is hoping to help by making changes to the "Keep Your Home California" mortgage assistance program. An article in The Sacramento Bee, "California loosens requirements for mortgage aid," highlights efforts by the state to change key aspects of the program so that more mortgage servicers will be enticed to participate. The biggest change is happening to the Principal Reduction Program, which is designed to decrease the amount due on a mortgage by up to $100,000. Mortgage ser... Read More »
REO Prices Are Beginning To Rise

Investors driving up the prices of foreclosures nationwide

Posted on May 04, 2012 by Matt.

Short sales and foreclosures are thought of as the cheapest options on the housing market, including the San Clemente real estate market. While you can expect to get a great deal on a distressed San Clemente property, a recent article on HousingWire shows that REOs are starting to increase in price. "Bucking trend, REOs show price gains: Clear Capital" references Clear Capital's April home data index report, which shows that while home prices decreased nationwide by 1% over the past year, REO (foreclosure) prices increased by 5.5%. The increase in REO prices is credited to th... Read More »
Realtors Feel That The Market Is Gaining Steam

Lower inventory and more investors leading the real estate surge

Posted on May 03, 2012 by Matt.

A few days ago, Realtor Magazine posted an article ("RE/MAX Survey: 'Market is Heating Up'") highlighting a recent poll conducted by the nationwide brokerage amongst 1,000 of its agents. The results are not too surprising considering what we have been posting here over the past month - nearly 70% of those surveyed feel hat home prices will begin rising by the end of 2012. With inventories remaining low and more investors entering the marketplace to snatch up the great deals, there appears to be a light at the end of the tunnel for the tough housing market this country has experienc... Read More »
More People Want Home Loans But Still Face Hurdles

Lenders are making it tough to qualify for a mortgage

Posted on May 02, 2012 by Matt.

According to this recent article in the Los Angeles Times ("Home loan demand rises, but credit standards remain tight"), an April survey conducted by the Federal Reserve shows that banks and mortgage servicers are experiencing a higher demand for home loans. However, due to high amount of underwater homeowners throughout the nation, lenders are still maintaining their strict credit requirements, so potential San Clemente homebuyers still have to come in with a sizable down payment, proper documentation and good credit to qualify for a loan. The good news from the article is that th... Read More »
California Shows Declines In Foreclosure Filings

Other states are seeing increases as lenders begin moving homes through the system

Posted on April 30, 2012 by Matt.

"Logjam in foreclosure filings breaking up" is a recent article on CNN Money showing that foreclosure filings are starting to pick up around the country now that the five major mortgage lenders (Wells Fargo, Bank of America, JPMorgan Chase, Citibank and Ally Financial) have reached a $26 billion settlement with the 50 states over the robo-signing scandal. For over a year, many lenders had held off on foreclosure filings due to the scandal, and now that lenders have made changes to their foreclosure procedures, filings are increasing and starting to filter into the market. What is i... Read More »
Short Sale Process Will Be Speeding Up Soon

Fannie Mae and Freddie Mac implementing new short sale policies

Posted on April 27, 2012 by Matt.

A recent article on DSNews.com, "Fannie and Freddie Set Timeline Requirements for Short Sales," discusses new guidelines issued by the Federal Housing Finance Agency (FHFA) to Fannie Mae and Freddie Mac regarding the processing timelines of short sales. Beginning June 15th, mortgage servicers who are servicing loans backed by Fannie or Freddie will be required to make a decision on the short sale within 30 days after either a purchase offer is received or a completed Borrower Response Package requesting a short sale has been received. For anyone who has gone through the long and ar... Read More »
Housing Affordability At An All-Time High

Now is a great time to purchase San Clemente real estate

Posted on April 25, 2012 by Matt.

A recent article from Realty Times, "Real Estate Outlook: Affordability High," highlights data from the National Association of Realtors that housing affordability is currently at the highest level since this data was tracked beginning in 1970. Housing affordability analyzes the relationship between three key elements: median home price, median family income, and average mortgage interest rates. These numbers indicate that, due to continued to low housing prices and historically low interest rates, there has never been a more affordable time to purchase San Clemente real estate.&nb... Read More »
Short Sales Gaining A Larger Grip On The Marketplace

Nationwide completed short sales surpass foreclosures for first time

Posted on April 24, 2012 by Matt.

Mention the words "short sale" to a buyer, seller or real estate agent, and most will cringe at the sound. Short sales are synonymous with long periods of waiting and drawn-out negotiations and escrows, so many buyers and their agents avoid short sales altogether to save themselves the headaches. Well, it appears the banks handling short sales are finally starting to get there acts together, at least according to a Bloomberg article, "Short Sales Surpass Foreclosures as Banks Agree to Deals." In January of this year, completed short sale transactions accounted for a greater p... Read More »
Refinancing May Be A New Alternative To Foreclosure

Large banks have agreed to refis for qualifying underwater borrowers

Posted on April 22, 2012 by Matt.

For current San Clemente homeowners who are having difficulty paying their monthly mortgage due to high payment amount, help may be on the way that can help you avoid loan default and potential foreclosure. According to a recent article on CNN Money ("Underwater owners get promise of help"), Bank of America, Wells Fargo, Citigroup, J.P. Morgan Chase and Ally have agreed to at least $3 billion worth of refinancing funds for borrowers who are currently underwater on their mortgages (mortgage owed is higher than the current value of your home) and are still customers with these institutions... Read More »