Repost from DQNews.com

La Jolla, CA.–Lenders filed a record number of mortgage default notices against California homeowners during the first three months of this year, the result of the recession and of lenders playing catch-up after a temporary lull in foreclosure activity, a real estate information service reported.

A total of 135,431 default notices were sent out during the January- to-March period. That was up 80.0 percent from 75,230 for the prior quarter and up 19.0 percent from 113,809 in first quarter 2008, according to MDA DataQuick. Read the rest of this entry »

The subprime mess is widespread, and it seems to be getting worse. It’s certainly worse if you’re about to lose your home.
The stock market is schizoid — up one day and down the next. If you’re a day trader, this volatility is pure heaven; if you’re getting ready to retire, it’s likely to give you a heart attack.

Big Deal

As for commercial real estate, it’s a great market. I just bought a 350-unit apartment house in Tulsa with an assumable loan at a 4.9 percent interest rate. Rents are low, the oil business is creating jobs, and demand for apartments is high.
As with any market, the real estate business is terrible for some people and couldn’t be better for others (like me).
But as much as I love real estate, I believe the biggest opportunity today is in silver. I think this precious metal is about to become the most spectacular investment in recent history — bigger than oil, even bigger than Google.
Read the whole story CLICK HERE

Condotels are condominium projects that operate like a hotel.  Typically a condotel will have a rental desk in the lobby, cleaning service and other hotel-like amenities.  The units are individulaly owned but many of the units are rented to short-term visitors.

Rental income is split between the hotel operator (often called the front desk operator) and the Unit Owner.

Ownership is deeded and Fee Simple

Financing of this type of property needs to be handled by a Mortgage Professional who speciallizes in Condotels because the number of lenders are very limited.  Read the rest of this entry »

The Benefits of a Professional Consultant

Choosing the right lender is a key element to managing your mortgage. As a mortgage consultant, my goal is not just to provide you with a loan, but also to help select the one most beneficial to you and your long-term goals, and then, help you manage that debt over time. There are not many lenders out there who provide this type of personalized service.

My job is just beginning when your first loan closes. I will continuously monitor rates on your behalf, and stay in touch with you to make sure we remain on target with your financial goals.

Seek Pre-Approval

What’s the difference between pre-qualification and pre-approval?

Pre-qualification is the starting point in your search for mortgage financing. A quick snapshot is taken which includes income, existing debt, savings, length of employment, etc. All of these factors will then be analyzed to determine your loan eligibility.

Pre-approval is Read the rest of this entry »

 For the full New York Times Article

Written by David Leonhardt

After tagging along on Zephyr’s tour of homes, it appears that reports of the S.F. market’s demise have been greatly exaggerated

Heather Boerner, Special to The Chronicle

There were still multiple offers — Drypolcher reported that even amid last year’s slump, a third of their properties sold with multiple offers — but they weren’t as common and they didn’t elicit the frenzy of offers that is seen now. Houses came on the market and were pulled off again after price reductions and lack of interest. The Casselli property, a two-flat building, had been on the market for several days last year when it was pulled off again. And then, voila — the new year arrives, Casselli goes back on the market, and suddenly there’s a bidding war and tons of offers.

Stories like this ripple through the meeting. Take a property a few blocks from Casselli Avenue, on Ord Street. Peter Goss represented the seller on that property when it went on the market this year. But it wasn’t the first time the house had been on the market. In September, the owners listed the house for sale — and waited. They waited 92 days and lowered the price by $46,000 before eventually deciding that perhaps it wasn’t the time to sell.

“Oh, it’s a tremendous change,” Goss said. “This property on Ord, it was listed last year for $1.795 million before the price was lowered to $1.749 million and then taken off the market. This year, we listed it for $1.695 million — a little lower — but the offer we received was for $1.85 million. So again, this is more than asking price of last year.”

The house sold in five days.

 Read the whole article at The Chronicle