Team Aguilar real estate, one of the leading real estate sellers in La Jolla, has released home sales year-to-date figures that indicate optimism in the La Jolla real estate outlook for home buying activity in 2010. It has reported a 14% rise in volume of properties the company sold so far this year.

TARE is selling homes in residential areas in and around La Jolla, including San Diego (the third busiest property markets in the US, as identified by the Wall Street Journal) and other neighborhoods along the coastline of Southern California. Its properties sold include oceanfront homes, neighborhood properties, resort houses, and equestrian estates. In fact, several of the most sought-after properties for sale are included in its catalog.

The growth in sales came despite an 8% decline in median price tags. Team Aguilar is confident that this is an indication of the market getting more reasonable. The positive buyers’ response is seen by the company as no less than encouraging. The company emphasized that for quite a long time, declining prices have not effectively obtained positive response in terms of home buying activities. Thus, this optimistic trend is seen as more favorable not just to the firm but to the entire housing market.

Another encouraging factor underlined by TARE is its shorter average market time, or the duration a home is held up-for-sale in the market. It has revealed that the average duration for the company to sell a home has shrunk by four days. This is a significant improvement compared to the firm’s performance in 2009. According to its analysis, home buyers are now acting faster on changes in property values. In the process, efficiency is bolstered in the entire La Jolla property market. Observers note that home buyers are getting less nervous compared to how they reacted to the market in the past several years.

Apparently, TARE is raving about its reported performance so far this year. It is positive that it is already reaching an equilibrium or balance between itself and homebuyers. It adds that this is a welcome note as it indicates emergence from a period when nobody was buying. For the company, its figures serve as evidence that market performance, aside from its own, is already in the process of improvement. Thus, it could not help itself but be very optimistic in its outlook for the entire housing industry in the area.

TARE employs dynamic teams of real estate agents, who could be considered as the most active in the La Jolla real estate area in California. Such agents know the market more as most of them are actual residents of the region. The company focuses on selling homes in secluded and prime neighborhoods. It is currently linked to exclusive industry networks, maintaining relationships that are long term with homebuyers and homeowners alike. TARE reiterates that its teams are well trained and oriented to provide assistance to home buyers from preparation, quick location of properties, to actual buying transactions. It aims to offer and provide the best options, services, and properties to its customers.

Revelations that the nation’s biggest banks may have fudged crucial documents in their rush to reclaim tens of thousands of homes have the public in an uproar. Foreclosures and the paperwork nightmare have attorney generals from all 50 states conducting sweeping investigations into the industry’s foreclosure practices. The nation’s top financial regulators have also ordered reviews. And Bank of America, JP Morgan Chase, GMAC and other big banks announced a few weeks ago that they were halting foreclosures in much of the country.

But now, banks are slowly getting back into the foreclosure business. And on Wednesday, Shaun Donovan, the secretary of housing and urban development, tried to ease concerns by saying that none of the problems threaten the health of the financial system.

The foreclosure crisis seems to be either in meltdown or in repair. Which is it? An overview here:

How can Bank of America and GMAC halt foreclosures, then resume them a few weeks later?

It’s something of a public relations game. Before announcing the freeze, the banks were fairly confident that the foreclosures were valid — even if some of the paperwork was in error. But they still needed to show that they were taking the problems seriously.

Behind the scenes, the banks dispatched hundreds of lawyers and executives to review, correct and resubmit the proper documents. The preliminary reviews suggested that the problems were not as deep as they feared, giving them the confidence to resume evictions.

How big is the problem?

Nobody really knows. Four of the 10 largest banks are examining hundreds of thousands of cases, and refiling when appropriate. Laurie Goodman, an analyst at Amherst Securities, estimates that as much as $154 billion of mortgages could be exposed.

What exactly were the problems?

Many banks were plain sloppy. They allowed a single employee to sign off on thousands of documents attesting to information he or she did not know to be true — “robo-signing.” Some legal documents were incorrectly notarized.

And computers got the best of them. Many banks relied on an electronic mortgaging filing system to stand in for them in the foreclosure process. Now lawyers for homeowners are disputing whether that filing system kept proper track of the paperwork and can have a legal claim on the property.

So, who is the victim here?

So far, there are few reports that banks have mistakenly foreclosed on a homeowner. In many of these cases, borrowers are more than a year behind on their payments, and do not currently live in the home.

If it’s a bad loan, then why worry about a glitch in the paperwork?

It’s a longstanding requirement — going back to William the Conqueror — that banks prove their ownership of the mortgage. Consumer advocates say that giving troubled borrowers due process is a matter of fairness.

Some suspect that the banks cannot validate the accuracy of their foreclosure documents because the paperwork on the original mortgages was missing or never submitted. If that’s the case, the courts may not look kindly on the omission, and that glitch could turn into a nightmare.

Who is really at fault?

The foreclosure system, which became like Lucy and Ethel, overwhelmed at the chocolate factory. As millions of homeowners fell behind on their mortgage payments, the banks were overwhelmed. Their loan collection operations were designed to process regular payments, not handle the specialized needs of troubled borrowers.

Computer systems were outmoded; the staff lacked the training and numbers to respond properly to the flood of calls. Traditional checks and balances on documentation slipped away as filing systems went electronic, and mortgages were packaged into bonds at a relentless pace. To make matters worse, many tasks were outsourced, with little oversight by the banks or their federal regulators.

The banks say they tried valiantly to cope, including hiring more employees. Even so, many acknowledge that they were caught flat-footed.

What does the mess mean for the thousands of people on the verge of losing their homes?

For most troubled borrowers, not much. Foreclosures may be delayed, giving some troubled homeowners at least a few more weeks of relief — and perhaps more, if they have an aggressive lawyer.

So, why is this mess important?

An industrywide moratorium, or lengthy delays, could seriously hamper a recovery of the housing market. Many areas hit hardest by the housing crisis, like California, had been seeing an increase in foreclosure sales — a sign that the market was starting to heal. Homes that sit in foreclosure, especially vacant ones, can depress property values and consumer confidence.

That, in turn, could ripple through the economy. Banks concerned about the value of their own real estate portfolios might pull back sharply on lending, triggering a repeat of the credit crunch.

That is why the Obama administration wants the foreclosure system back on track — and to stamp out calls for a national freeze.

The city council has given the signal to start construction of a new San Diego library which will be centrally located in Downtown’s East Village of San Diego.

The building of a new central library has been repeatedly talked about for years now in the county. Rob Quigely, an architect, has already made the design back in the 1990s. The dome buildings are to be built in the East Village, on Park Boulevard. The site was chosen ten years after the design was created. The library is located directly across from Park Terrace & Icon. Now, a contract will finally be signed to initiate the construction.

San Diego Mayor Jerry Sanders reiterated to the council that already $17 million have been spent on the planning of the library. More than $100 million has already been scraped together as of now. The first phase of the construction alone has been estimated to amount to $150 million. And almost 20 years have been invested into planning the central library.

Opponents of the library’s construction, such as Hudd Collins and Carl DeMaio, criticized the decision. They say it’s too much public spending from a state that is already in severe financial crisis. Councilwoman Sheri Lightner is also worried about it. She foresees a gap in the funding of the project, and has no assurance that the funds can be raised by the 2013 deadline. If the funds will not be available, the city will be made liable and will have to come up with the funds to complete the library.

Mel Katz, member of the San Diego Library Foundation, believes that once the deal has been signed, many more philanthropists will help. At present, they have already raised over $30 million for the project. Councilwoman Marti Emerald likewise voted for the project. According to her, the planned construction will create 1,000 jobs for the unemployed people in San Diego. She proposes that the project start immediately.

Mike Aguirre, a former attorney in the city, is also against the project, saying the city is actually breaching laws on liability limits. This is because the council will be signing a contract saying that they have to pay a certain amount of money that the city doesn’t have. The lawyer accused Irwin Jacobs, the library’s biggest donor, of harming the city by giving money for the project. Jacobs has already given $30 million to get the project started.

Many other critics fear that this move could just be the beginning. Plans for expansion and the construction of a new city hall, convention center and stadium may already be in the works.

The motion was presented to 8 councilmembers by councilman Kevin Faulconer. The motion to start construction passed 6 to 2.

Its time to get something done. I would have liked to have seen a partnership between private and public groups to help finance and continue to bring in additional revenue for the library. There still may be opportunity to do this down the road. Only time will tell and I think this library will really help finalize the East Village especially with the new Thomas Jefferson School of Law being built just a block a way.

The first edition of the People’s Choice Best Real Estate Blog contest at Zillow has ended. Below you will find all of the winners for each city that participated. It appears to have been so popular that they have already created another contest for many more cities. We will be sure to post those winners as soon as the next contest is completed and they tally all of the winners. Be sure to check out some of the excellent real estate blogs below.

Baltimore
Winner – Realtor Marney
Runner Up – Real Estate Wonk

Chicago
Winner – Chicago Real Estate Blog

Dallas
Winner – Ebby Halliday Blog
Runner up – North Dallas Homes

Houston
Winner – Tom D Plant’s Houston Real Estate Blog

Jacksonville
Winner – What’s Up Jacksonville

Oklahoma City
Winner – SellAMetroHome – the Blog

Philadelphia
Winner - The Philadelphia Real Estate Voice

Phoenix
Winner - The Phoenix Real Estate Guy
Runner Up – The Phoenix Housing Blog

San Diego
Winner – Team Aguilar Blog

Seattle
Winner - Cooper Jacob Real Estate Blog

I wanted to share a few listings that are currently available in the Santaluz community of San Diego County. This is one of my favorite areas of San Diego County. Just take a look at some of the photos below and it’s easy to see why. Unfortunately you need a couple million dollars to purchase any of these homes. The area is great, it has a world class gold course and it is so close to everything. It backs up to Rancho Santa Fe and Carmel Valley. It’s only a 5 minute drive to Del Mar and some beautiful beaches. If you have the means to purchase a home in this price range take a look at the homes available in the Santaluz community. You will not be disappointed!

Feel free to view all Santaluz homes by doing a search HERE.

$1,740,000 : 7511 Plein Aire, San Diego, CA 92127
	5 beds 6 full baths Year built: 2006 Size: 5545 sq ft Lot size: 67,082 sq ft Parking spots: 0
$1,795,000 : 8370 Sendero De Alba, San Diego, CA 92127
	5 beds 6 full baths Year built: 2003 Size: 5534 sq ft Lot size: 0 sq ft Parking spots: 0
$1,850,000 : 8194 Run of Knolls, San Diego, CA 92127
	5 beds 8 full baths Year built: 2009 Size: 6060 sq ft Lot size: 0 sq ft Parking spots: 0
$4,495,000 : 8304 Santaluz Pointe, San Diego, CA 92127
	5 beds 7 full baths Year built: 2008 Size: 6968 sq ft Lot size: 0 sq ft Parking spots: 0
$5,195,000 : 7908 Entrada De Luz East, San Diego, CA 92127
	6 beds 10 full baths Year built: 2006 Size: 10208 sq ft Lot size: 0 sq ft Parking spots: 12
$8,500,000 : 8543 Run of the Knolls, San Diego, CA 92127
	6 beds 7 full baths Year built: 2006 Size: 8800 sq ft Lot size: 0 sq ft Parking spots: 8

Alex Aguilar
Team Aguilar Real Estate Agent & Blogger!
San Diego Houses
Real Estate Blog

If your looking for real estate in San Diego, Riverside or Imperial County you have arrived at the right place. Please feel free to contact us and please read our Real Estate Blog and leave your comments.

California governor Arnold Schwarzenegger has ordered the state’s Department of Social Services to take out clubs and casinos from the list of businesses that have been approved to dispense cash for state-issued cards. The California governor was compelled to make this move after the Los Angeles Times reported that more than 50 percent of California casinos and poker rooms are listed on the state website, indicating where welfare recipients can receive their cash benefits. The Los Angeles Times again brought the issue up, inquiring from the administration the amount of welfare cash that has been taken out from 17 adult clubs in the last few years.

It seems that many welfare recipients in the state of California have been able to withdraw taxpayer cash from ATMs situated at strip clubs and casinos. According to reports from the Department of Social Services, since the start of the year 2007 up to the end of the year 2009, over $12,000 coming from the program of Temporary Assistance for Needy Families has been dispensed at various clubs throughout the state, including Seventh Veil, Star Strip and Sam’s Hofbrau. Meanwhile, almost $4.8 million have been dispensed at casinos and poker rooms during the same time period. Majority of this, amounting to more than $4 million, were taken out from ATMs at tribal casinos.

The state administration and managers of strip clubs are apparently not aware that their ATMs have access to these welfare benefits. Allegedly, the machines have been provided by a third party. Thus, the managers have no way of knowing whether the ATMs belong to the state system or not. The Quest ATM network is the company in charge of the state’s ATM system.

However, some advocates for the underprivileged would rather keep things the way they are. They say that there is some logic to maintaining access to welfare cash from these establishments, as many recipients probably live or work nearby.

Since the report was released, Governor Schwarzenegger has ordered the deactivation of ATMs in casinos and entertainment clubs from the ATM network of the state. He has also called into action the Department of Social Services, so that welfare program can be reformed as deemed necessary.

During the month of May, Governor Schwarzenegger actually proposed to abolish the CalWorks program in order to reduce the budget deficit of the state. This program is in charge of providing cash for the welfare benefits.

Around 1,400 residents of Racine, Wisconsin listened to US President Barack Obama’s insights on the continuing economic crisis. In a speech reminiscent of his campaign, the president recognized that the federal deficit is a primary concern.

At the same time, he also criticized the recent actions of the Republicans, saying that they are stopping the country’s recovery by blocking what he termed as “commonsense legislation”.

This speech came after a fall in the stock markets was noted, mainly attributed to a drop in consumer confidence.

President Obama stated that he is discontented with the elevated unemployment rate in the country. Economists have estimated that the country has lost approximately 100,000 jobs in the month of June, and that the unemployment rate, which is at 9.7 percent, will further increase. The president also said that he is unhappy with the low economic growth rate.

The federal deficit, which is still growing, remains a major issue for the president. He already appointed a deficit commission, who will be in charge of looking for solutions to balance the country’s revenues and expenses. This can be done by reforming Social Security and Medicare, among other items.

President Obama likewise condemned his Republican opponents, calling their actions in Congress obstructive. This is mainly due to the group preventing the passage of a bill that aims to extend tax credits and unemployment benefits to certain residents and small businesses. Other issues that came up were the low rates of job growth and the oil leak in the Gulf.

In response to the criticism by GOP that the Democrats are merely increasing the burden on the American taxpayers, President Obama stated that the US government cannot solve the country’s financial problems on its own. Some circumstances, such as Social Security, do need intervention by the government. However, businesses should continue to be the major producers of jobs and growth for the country.

The president just came from a trip to Columbus, Ohio last week for the groundbreaking of a road project funded by the economic stimulus plan. This serves as part of the “Recover Summer” program by the White House, which is a six-week long thrust by the government to focus on the American Recovery and Reinvestment Act of 2009. This act was designed to improve the country’s economy and create more jobs by increasing stimulus spending by the government and reducing taxes. Many detractors have repeatedly criticized this act, saying it has failed to decrease unemployment significantly.

Prior to this trip, the president’s last visit to Wisconsin was in November of last year, when he discussed education to the state. According to the latest public poll in the state, which was held in March, President Obama only had a 44 percent approval rating. Of the voters in Wisconsin, 50 percent disapproved of the way he was handling his presidential duties.

It was good news for homebuyers all over the United States last June 30, as the US Congress finally approved a tax credit extension bill.

According to this tax credit extension bill, anyone trying to take advantage of the home buyer tax credit will have the closing deadline extended for those trying to buy homes. Originally, homebuyers who have signed contracts by April 30 needed to go to closing by June 30. With the new bill, they now have until the last day of September to close their purchases. According to real estate agents, many home buyers would not have been able to make the June 30 deadline, had it not been moved. The approval of this bill will also benefit settlement offices and banks, as they are already having a hard time dealing with the sheer number of people who are hastening to close their purchases by the end of June.

The Obama administration has so far been successful in jump starting the sales of American houses in the midst of the economic recession. Since the tax credit was initiated, residents all over the country have been rushing to buy their dream homes. This is because first-time homebuyers can get an $8,000 tax incentive, while homebuyers who are purchasing their primary residence can get as much as $6,500 as tax incentive. This tax credit program has been credited by many, including Senate Majority Leader Harry Reid, as the major factor in boosting up California’s economy and housing market. This is especially true in his hometown of Nevada, where foreclosures have become a common matter.

A bill that covered both the tax credit extension for homebuyers and an extension of the jobless aid program was actually proposed previously in the Senate, but was blocked by the Republicans. The bill fell short by a single vote. The proposition was to extend until November the said program, which provides benefits for residents who have been unemployed for a long time. Approval of this bill would have cost $34 billion; because of this, the Republicans objected. Instead, Mitch McConnell, the leader of the Republicans, suggested an extension of two months using the money from the economic stimulus program last year. The Democrats, however, objected to this. Senator Reid has said that he would again attempt to pass the bill after the recess on July 4th.

The tax credit extension bill has now been forwarded to the office of the President, and awaits his final approval. This has been very popular in markets where home prices have fallen. Homes for sell in El Cajon, a suburb of San Diego have seen an increase in sales because of the tax credit.

Alex Aguilar
Team Aguilar Real Estate Agent & Blogger!
San Diego Houses
Real Estate Blog

If your looking for real estate in San Diego, Riverside or Imperial County you have arrived at the right place. Please feel free to contact us and please read our Real Estate Blog and leave your comments.

With hopes of encouraging more participation from homeowners in programs of modification, the Bank of America now has a brand new approach on modifying loans that are extremely underwater.
First, it looked at principal forgiveness when modifying adjustable-rate and subprime mortgages that qualified for the NHRP. These also had to meet the most basic qualifications of the Home Affordable Modification Program.

This approach focuses on mortgages that are extremely underwater and have high delinquency rates, most of all Pay-Option ARMs and subprime loans.

The Bank of America has seen a lot of homeowners that owe a lot more on mortgages than on what their homes are actually worth but are reluctant to accept solutions that focus merely on the payment without balance reductions from their loans.
When it comes to these mortgage modifications, the Bank of America is going to take principal reduction into consideration to reach reasonable payments that are equal to around 31% of the household income. If it is a necessity to get extra savings to reach that target of payment, a reduction of interest rates will also be taken into consideration.
Under this new approach, the qualified homeowners will get an offer of interest-free principal forbearance, which can become forgiven principal – a result of up to 30% in loan principal balance reduction.

For the initial three years, the forgiveness installments will be set to a level of 20%. In the last two years, this amount will rely on the property’s updated value to make sure that the LTV won’t go below 100% because of principal forgiveness.
Earned principal forgiveness can help homeowners

and it even focuses on and recognizes the interests of the mortgage investors by making sure that forgiveness does not entirely depend on the performance of the homeowner. Under the new terms, this lowers the chances of future defaults from happening and changes the overall amount to forgiveness because of the property value gains that might happen during a recovery of the economy.

Aside from this new approach, the Bank of America has also started to provide two other sustainable and reasonable payment solutions when it comes to certain Pay-Option ARMs.
If negative amortization is the case, they will think about offering up HAMP modification to get rid of negative amortization and to forgive some of the amounts for principal reductions. If pending Pay-Option ARM recasts appear to increase the monthly payments of a customer, however, a preemptive modification which gets rid of negative mortgage amortization and changes it to a completely amortizing market rate loan might be taken into consideration.
The latest NHRP components will come about next month and they are expected to offer up improved solutions to principal reduction to around 45,000 customers that qualify for the HAMP modification. This would result in around a total of $3 billion of reduced principal.

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In February, St. George’s rates of foreclosure went up compared to its rates last year.

St. George’s foreclosure rate among existing mortgage loans stands at 4.19% for February, 1.88% higher than last year’s 2.31%. In fact, the overall activity of foreclosure in St. George stands higher compared to the national rate of foreclosure, which stood at 3.17% this February – a difference of 1.02%.

The rate of mortgage delinquency in St. George has also gone up. In the month of February this year, 11.13% of all mortgage loans happened to be at least 90 days delinquent as compared to the 6.11% of last year – a 5.02% increase.

Foreclosures do not appear to be a problem is Rancho Santa Fe as the Rancho Santa Fe real estate market continues to remain strong.

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