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San Diego Real Estate Trends by Paul Caparas

Real Estate Trends

April 4, 2012

Introduction

Welcome to my Real Estate Trends Newsletter which will be sent out every two weeks.  Usually most newsletters that Realtors send out have pre-written articles from random authors.  This one will be different.  Everything you read here is written from me (sorry if my grammar is wrong).  My goal with this Real Estate Trends newsletter is to provide valuable Real Estate information such as government programs, Short Sales, Foreclosures, mortgage rates, etc...  Like for today, it will be about HARP 2.0 and housing inventory.  So lets get started. 

HARP 2.0

What is HARP 2.0?  HARP 2.0 is a Mortgage Refinance Program that allows home owners to refinance to the current low interest rates even if the home has little or no equity.  Here is a quick example, a home owner owes $400,000 but the home is worth $325,000.  Now typically the home owner cannot refinance because the Loan to Value is to high but with HARP 2.0, this home owner can.  President Obama announced this program last October but the banks guidelines for HARP 2.0 just came out a few weeks ago (March 19, 2012).

What are the guidelines for HARP 2.0? I was told it is just like applying for a refinance but the mortgage loan has to be owned by Fannie or Freddie.  If you don't know if Fannie or Freddie owns your loan, I can look it up.

As you know, I'm a Realtor, not a Loan Officer so if you are interested in finding out if you qualify for HARP 2.0, I can refer you to the right person to talk to, just let me know.

Inventory is LOW

You would think with this economy, the homes for sale inventory would be high.  Well actually it is low.  There was a article on the UT yesterday saying how low it is.  Read the article  One thing it mentioned is the inventory for March 2012 is down 38% from last March and down 8% from last month.  Here are a few reasons.  Many home owners are either staying in their homes waiting for the prices to go up, trying to do a loan modification or applying for HARP 2.0.  On the buyers side, investors are buying to get a nice cash flow and traditional buyers are taking advantage of the low interest rates.

Is this a good thing?  Maybe...  With the supply is low and demand is high, home values will probably go up a few percentages.  Does it mean the Real Estate market hit the bottom?  If I knew that answer, I would be rich.  All I know it is a great time to be a seller and a tough time for a buyer because buyers will be dealing with multiple offers.


Real Estate Trends #1 DONE!

Well, that is it.  I hope you thought this was a helpful and informative newsletter.  If you did, please forward it to any who might be interested in reading this. 

As you know, I love referrals so if you know anyone interested in buying or selling, please refer me.  Thanks for reading.

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CONTACT INFO


10815 Rancho Bernardo Road Suite 390
San Diego, Ca 92127
(858) 349-2390
www.PaulCaparas.com

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