San Diego Foreclosure Property Inventory Increasing

There are about 12,000 homes that are pre-foreclosure which means the lender has sent the a notice of default.  About 65% should end up scheduled for auction.

There are currently 3421 homes scheduled for auction.  About 70% these will end up as bank owned properties according to Sean O’Toole at Foreclosure Radar.

There are about 5500 Bank owned properties in San Diego of which about 1800 are active listings in the San Diego MLS.  See the current list at www.houserebate.com/foreclosure.

Another 1000 San Diego foreclosures owned by banks are in escrow out of the total of 5,000 current San Diego Homes currently in escrow.  That is about 20%

Banks are motivated sellers.  They are willing to sell at market or below market prices.  Other home sellers may have emotional attachments to the price of the last comp which does not help when prices are going down.  San Diego REO properties are priced to sell.

Help may be on the way,  today I read in the LA Times, that investors are buying pools of bad sub prime loans and are actually contacting the homeowners to see if they want to lower the loan balance and monthly payments.   These investors can do this because they are buying these loans at a great discount.

I like the concept as the investors still make money and homeowners are helped.

I met with John Cooke at Mission Federal Credit Union  (www.missionfcu.org) today, and he said his credit union bends over backward to help their members in trouble by restructuring the loan.  The purpose of the credit union is to help its members. It was nice to hear a financial institution agreeing to rewrite some loans.  This has not been the case with most lenders.

I just heard about an auction put on by Auctiontoday.

Auctiontoday will be auctioning off foreclosure condominiums at the Bay View Towers.

There will be over 45 condos auctioned off with beginning price of $59,000.  What a deal.

When: Saturday May. 17, 2008
Where: San Diego Marriott Mission Valley. 
Time: Registration begins at 12:00 p.m. Auction starts promptly at 1:00 p.m.

HouseRebate can help you get a .50% rebate on the purchase of one of the condominiums.  Please call us for details.

You can generally get a very good deal on of these condominiums.

Real Estate Disposition Corporation (REDC) is the one behind the auction.  They have been auctioning homes since the 1990’s.

7 “Must Knows” of a Foreclosure Auction

Have you ever wondered how to buy real estate at a Foreclosure Auction? 

You may have even seen ads in the newspaper or on the television for San Diego Foreclosure Auctions.  For many, the idea of a high profile real estate auction may seem quite confusing; however, by following these tips on how to bid on and purchase a San Diego foreclosure property, you will know exactly what to expect and how to save money at a San Diego real estate auction.

Ready to find out the 7 “Must Knows” of a Foreclosure Auction? 

San Diego Foreclosure Auction

You are invited today to get aboard the HouseRebate Virtual Foreclosure Tour Bus to see the best San Diego Foreclosure homes. 

Starting Saturday May 17th at noon, AuctionToday will host the largest and most recent San Diego real estate sale of foreclosed homes and condos in this once-in-a-lifetime foreclosure auction.

When: Saturday May. 17, 2008
 
Where:  San Diego Marriott Mission Valley.  8757 Rio San Diego Drive San Diego, California 92108
 
Time: Registration begins at 12:00 p.m. Auction starts promptly at 1:00 p.m.
 
ALL HOMES OPEN FOR INSPECTION from 04/18/2008: Mon: Noon to 6 PM, Tues-Sun: 10 AM to 6 PM

That’s right!  For one day only, AuctionToday will be auctioning off San Diego foreclosure properties at Bay View Towers.  Don’t miss your opportunity to be apart of this exciting San Diego foreclosure auction that start with a registration at noon on May 17th.

Read more….and get in on the San Diego Foreclosure Auction of the century!

Banks Can’t Keep Up With Buyer Demand for Foreclosed Properties

In an article about Foreclosure Properties by NED RANDOLPH of the San Diego Business Journal:

With foreclosures hitting a 16-year high, demand for bank owned homes has outstripped lenders’ ability to dispose of them.

Of the 5,000 properties in escrow last week in San Diego, 20 percent are bank owned, said Brian Yui, chief executive officer of HouseRebate . com, which has launched a search tool that indexes foreclosed properties in local Multiple Listing Services.  (You can use the new foreclosure search engine tool by clicking on Foreclosure Search Tool on on the right!)

Finding good deals depends on lender pricing and their need to dispose of them, he said.

“I think certain banks want to maximize net value; whereas others want to get them off their books,” said Yui. “It also depends on the agent — what their advice is to the bank. Some banks are just inundated with foreclosures and are not responding.”

Read this entire article…

Great Time to be a Landlord in San Diego County

Why you ask,  there are over 5,000 San Diego Bank owned foreclosures currently.

Banks generally avoid being in the property management business.  Therefore, these foreclosed homes are left vacant so they can sell them easier.

Basically, the supply of homes for families just decreased by 5,000.

Where are these 5,000 displaced families going to live?  Because there credit is shot by the foreclosure, they are going to rent.

The Wall Street Journal calls these people “The Accidental Renters”

Until these San Diego Foreclosures homes are picked up by investors and rented out.  The supply of rental homes will remain tight with rents rising.

After enjoying life living in their own home, many of these new renters are forced to go to condominiums and town homes due to the low supply of rental homes or the cost of rentals.

If you are thinking about being a landlord,  now is the time to pick up a Bank foreclosure home in San Diego and rent it out to the new renters in the market.

Since the rental market is tight, be sure you have stringent credit requirements of your tenants to minimize any potential rental defaults.

There is tons of opportunity out there.  Be sure to check the active San Diego Bank Foreclosure list on HouseRebate . com.

HouseRebate.com Present Virtual Foreclosure Tour Bus

In a real estate market riddled with foreclosures and Real Estate Owned (REO), real estate giant HouseRebate is again causing a buzz by outpacing competition in providing the most comprehensive Foreclosure Search Tool to San Diego home buyers. With just one quick click, San Diego home buyers can get on the virtual Foreclosure tour bus to view all the REO foreclosures for sale in listed in the San Diego Multiple Listing Service (MLS) real estate market.

This new Bank Owned foreclosure search tool saves consumers time and money by allowing them access from any internet connection to view the latest REO foreclosures. “To view Real Estate Owned properties, most real estate agents are loading people on a bus to drive around wasting the day looking at properties that might not even fit their criteria,” states Brian Yui, CEO of HouseRebate. “Our San Diego Foreclosure Search Tool allows investors and home buyers to view properties that match their search criteria from the comfort of their computer.”

In the past, the process of buying foreclosed home in San Diego meant buying a list of San Diego real estate with the hopes that the property will actually be auctioned off for sale. Unlike those lists of property in foreclosure, REO properties offered by HouseRebate are have been foreclosed already and are ready for sale by banking institutions. Real Estate buyers now get to benefit from the lenders selling their San Diego foreclosed properties at discounts.

With discounts of up to 10% or more off existing sales comparables, the San Diego REO foreclosures and San Diego banked owned properties are priced competitively to allow the lenders to remove these properties off the books in 30 days or less. “The silver lining for San Diego home buyers is finally here in savings and availability,” states Brian Yui. “The new San Diego Foreclosure Search Tool of bank owned properties, only available through HouseRebate, gives home buyers the ability to shop for San Diego real estate properties on their terms and save thousands of dollars on available properties.”

In a foreclosure market, many lenders require all contingencies, including loans, be removed within 10 days. Through HouseRebate’s strong alliance with Aimloan, San Diego home buyers can take advantage of these REO foreclosures quicker than other buyers as Aimloan provides full loan approval within 10 days. Having full loan approval in 10 days gives borrowers a competitive advantage over other potential buyers.
“Borrowers can get loan approval instantly online subject to title and appraisal,” states Vince Kasperick, CEO of Aimloan. “Aimloan can complete the title and appraisal within 10 days so San Diego real estate buyers can have full loan approval faster than the usually 17 to 30 days approval.”

March Numbers Fall from February: Triple First Quarter ‘07

By Lori Weisberg and Roger Showley of UNION-TRIBUNE

• 3,666: First quarter 2008
• 2,296: Fourth quarter 2007
• 1,182: First quarter 2007

Of the 7.9 million homes and condos in California, 47,171 went into foreclosure and 113,676 default notices were issued during the year’s first quarter. In the last real estate downturn, the highest quarterly foreclosure count was 15,418 in the third quarter of 1996.

Most of the loans that went into default originated between August 2005 and October 2006.

• Owners throughout the state were typically five months behind in their payments when lenders started the default process. The cumulative missed payments was a median $11,474 on a mortgage of $346,750. 

Lenders took back the homes of struggling San Diego County homeowners in record numbers during the first quarter, a trend that real estate analysts suspect is likely to continue through much of the year.

Read more on March Numbers Fall from February.

Real Estate Foreclosures Explained!

When buying a house, few people realize the importance of foreclosure properties.  In most cases, foreclosure properties and homes are available through auction.  If you use a new service available via San Diego House Rebate, then there is a distinct advantage.  When you buy a list of foreclosed houses, those houses could be open for sale or auction.  Sometimes, they are not! 

When you buy from San Diego House Rebate using their new Foreclosure seach tool (see link in our blogroll or visit our website!), you can be sure that the San Diego houses and pictures that you are seeing are for sale from the bank.  This benefits you in many ways.  With bank owned homes and REO, the bank wants to get rid of the homes.  They will sell at a good price. 

Get ready to find the perfect San Diego Foreclosure property!

San Diego Limits Set: FHA Raises Housing Loan Limits

In an article, Move will affect Most California Mortgages, By Emmet Pierce:

In a move that could help thousands of distressed San Diego homeowners, the Federal Housing Administration yesterday announced that it will raise the limits on mortgages it guarantees to $697,500 within the county.

Lenders welcomed the move, which is expected to provide relief for some borrowers whose adjustable mortgages are resetting at higher rates just as home values are falling.

To read the entire story….read Move will affect Most California Mortgages.

San Diego Foreclosure Sales brings San Diego’s Median Home Price to below $400,000

In an article By Roger Showley, a UNION-TRIBUNE STAFF WRITER, he states:

The overall median price for homes sold in March was $395,000, the lowest since November 2003. That marked a 4.8 percent drop from February and a 19.4 percent decline from March 2007.

The median, representing the midpoint of all prices reported, has now sunk $122,500, or 23.7 percent, from the peak of $517,500 in November 2005, DataQuick figures show. But the median price is still twice what it was in March 1999.

Read the entire article about the drop in housing prices in the San Diego area.