Real Estate News Blog July Archive

The up side of a down market

By Art C. Ryder at 07/04/07 01:30

In Orange County, the number of foreclosures through May hit 1,031 – seven-fold the number a year ago. Default notices soared 121 percent, to 4,520 homes, during the first five months of the year. Contractors, lawyers, finance experts, even real estate agents specialize in the foreclosure market making a killing on the downturn. When refinancing isn’t an option and homeowners have been unlucky enough to avoid foreclosure, a whole process of clean up and resell takes place. People expect foreclosure market downturn to last 3 to 7 years.

Original source: . The up side of a down market

Let the Buyer Beware

Presents a nice little list for people looking to avoid foreclosure or seeking foreclosure refinance money. The prospect of forclosure can be scary, but don’t make things worse by dealing with the devil.

1. DON'T fall for outrageous promises like saving your credit or getting a new lower payment mortgage.

2. DON'T sign away ownership of your home (without an attorney's advice).

3. DO know what your rights are.

4. DON'T do anything verbally-get it in writing.

5. DON'T sign anything with blank spaces (that can be filled in later).

6. DO be skeptical about everything-check and recheck to make sure you are protected.

Original source: . Let the Buyer Beware

State shuts down real estate player

A Murrieta mortgage broker whose clients are losing more than 100 local houses to foreclosure has agreed to surrender his real estate license, according to filings by the California Department of Real Estate. The basic scam was to inflate house appraisal values and get clients to buy the homes as investors. One can only imagine how much money was ill-gotten and wasted in these deals. There isn’t data yet on how deeply the community will be affected, but the sheer number of foreclosures doesn’t bode well. Prices have already fallen 15%.

Original source: . State shuts down real estate player

Beware of foreclosure rescue scams

Basically, stay away from anyone who volunteers to help you avoid foreclosure by paying a fee or signing over your title. Many people facing foreclosure in Seattle, Washington have been unwittingly been tricked into signing over their homes to people (attorneys, real estate agents, opportunists). Fear of forclosure and bankruptcy scares people into making all kinds of bad decisions. The best thing you can do is talk to your lender or city or state housing department to find out what foreclosure help options are available to you avoid foreclosure

Original source: . Beware of foreclosure rescue scams

Area Suburbs See Rise in Foreclosures

Even affluent areas are seeing a rise in forclosures. Foreclosures normally come amid economic downturns, when people lose manufacturing jobs or when regions are devastated by a natural disaster. The surge in foreclosures, in relatively good times, can be traced to risky, so-called subprime mortgage loans made to people who stretched too far to purchase homes in an inflated real estate market. In many cases, lenders loosened credit rules for home buyers with bad credit, who made no down payment or who didn't earn enough money to qualify for traditional loans. The lenders charged them higher interest rates, which made the loans more expensive.

Original source: . Area Suburbs See Rise in Foreclosures

Mortgage industry rolls out campaigns to help homeowners avoid foreclosure

Presents steps taken by the mortgage industry to help homeowners avoid foreclosure. The outreach programs include traditional non-profit organizations dedicated to financial literacy, talks about forclosure and how to avoid it, and even have contracted to make a telenovela for the Spanish-speaking community. Foreclosure costs the mortgage industry thousands of dollars per house which in this real estate market is beginning to add up to millions of dollars.

Original source: . [404 Check: was link to http:/ / www. statesman. com/ business/ content/ business/ stories/ realestate/ 06/ 29/ 0630mortgagehelp. html, anchor: Mortgage industry rolls out campaigns to help homeowners avoid foreclosure]

Home buyers duped into foreclosure

Details the rampant fraud that supposed real estate investors were tricked into in Miami, Florida real estate. The investors were duped quite easily accepting small cash payments for use of their credit and signing loan documents. The same house in Florida was foreclosed on three times in the last three years as mortgage brokers, an unprofessional job where you don’t need a license in Florida, resold the house to three different acquaintances. Florida is experiencing a large percentage of forclosures compared to the number of mortgage loans made in the state.

Original source: . [404 Check: was link to http:/ / www. miamiherald. com/ 548/ story/ 156990. html, anchor: Home buyers duped into foreclosure]

Plans Under Way to Create National Land Registry

Recounts plans to create a national land registry in Costa Rica. The creation of a national land registry in Costa Rica would help the government accurately assess taxes, enhance legal title of property, potentially undermining real estate fraud, and it would create jobs for people willing to do the survey.

Original source: . Plans Under Way to Create National Land Registry

Fixing health care

Responds to an opinion piece review of the movie sicko. Reminds readers that the United States ranks 37th in the recent publication of World Health Organization's World Health Report. Moving to Costa Rica (number 36) could be seen as a step in the right direction, improving your quality of living. Especially since American dollars can buy you better than average insurance in Costa Rica.

Original source: . Fixing health care

Americans flock to the 'Rich Coast'

Discusses the attractions of Costa Rica for American and European retirees. Many Americans move to Costa Rica for its natural beauty, the availability of the comparatively inexpensive Costa Rican real estate, and the lower cost of living to be enjoyed in Costa Rica. Americans can live on the Pacific or Caribbean Costa Rican coast, shop at recognizable malls, and eat at decent restaurants easily on a budget of $1000-$1500 a month.

Original source: . [404 Check: was link to http:/ / www. northjersey. com/ page. php?qstr=eXJpcnk3ZjczN2Y3dnFlZUVFeXk3NzQmZmdiZWw3Zjd2cWVlRUV5eTcxNTk2MTQmeXJpcnk3ZjcxN2Y3dnFlZUVFeXkyMQ==, anchor: Americans flock to the 'Rich Coast']