Carlsbad, CA

In today’s real estate market, more and more people are looking foreclosure out of both necessity and financial strategy.  If you give back your house, they can’t still hold you accountable for the loan, can they? 

Although California is a non-recourse state that typically says no – more and more banks are finding themselves successful in recouping losses from borrowers who refinanced their homes and used the funds for things other than improving the home itself!

In addition to the more severe credit penalties, a debt on a house you don’t even own anymore is really making foreclosures less desirable.  If you can not afford to make the payment on your home, you really may want to talk to a real estate professional about the possibility of a short sale instead.  In a short sale, you actually sign documents with the lender, releasing yourself from the obligation of the loan.  If you have any questions at all about your possibilities of a foreclosure or short sale, please contact The Mewborn Team.  We would be happy to schedule a no obligation marketing consultation.

The Standard & Poor’s/Case-Shiller home price index released Tuesday inched up 0.2 percent to a seasonally adjusted reading of 145.49. The index was off 5.3 percent from November last year, nearly matching analyst’s estimates that it would fall by 5.1 percent.

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Average prices are up a bit to $616,935 in November, with an average of 55 days on the market and homes being sold at an average of 96% of their listing price.

Something else to note – in all price ranges – the high, low, and average – properties sold at over 95% of their listing price.
Although it may only be temporary, it seems that the average Carlsbad prices are trending up!

The foreclosure prevention plan, is meant to reduce eligible borrowers’ monthly payments to no more than 31% of their pre-tax income.  In order to qualify, a homeowner must make three on-time monthly payments before they can receive a permanent modification.

Unfortunately there is the typical he said/she said to each loan.  The mortgage companies are complaining that they need more information that the borrowers aren’t providing.  The borrowers are complaining that the mortgage companies keep losing their documents.  So months go by without permanent modifications.

The Obama administration is trying to make changes to their programs allowing mortgage companies to access tax records through the IRS, rather than waiting for borrowers, and approving and moving clients into permanent modifications without their signatures.  They are hoping that this will help streamline the process and help more US homeowners. 

If you are having problems making your mortgage payment.  Contact your mortgage company.  They may tell you that they can not help you until you have missed a payment.  You may want to ask for a forbearance plan.  Although this will still affect your credit, it will allow you to work with your lender to find a more permanent, acceptable solution.

Your home is often the biggest investment you will ever make.  Make the most informed solutions possible.  If you have any Carlsbad or North County Coastal real estate questions, please contact us.

Average Days On the Market is 118 – down from 130 days on the market in August and 130 in July.
Average selling price is $1,425,874 , up from $1,371,000 in August.
On average, Del Mar homes are selling at above 90% of listing prices.

September was a good month for Carlsbad Real Estate.  There were 121 homes sold in Carlsbad during the month of September, with the average Days on the Market at 56 – down from 70 days on the market in August. Average selling price is $618k , about the same as the $627k in August and both up from $555k in July. Something else to note – in all price ranges – the high, low, and average – properties sold at around 95% of their listing price. Although it may only be temporary, it seems that the average Carlsbad prices are trending up!