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Tag: San Diego Foreclosures

Foreclosures remain low in San Diego

Foreclosures and default notices remained low in San Diego County in July.

Last month, lenders repossessed 139 properties in San Diego County, down from 153 a year ago, and well below the peak 2,004 reached in July 2008, the middle of the Great Recession. July’s foreclosure number was the lowest for that particular month since 2005, real estate tracker CoreLogic DataQuick reported Tuesday.

In July, the median sale price for a home in San Diego County was $445,000, up 6.6 percent from the same month last year. The higher price has helped homeowners regain equity, meaning they are able to sell their home in case they cannot make monthly payments.

Default notices, which trigger the foreclosure process, are also still low. Last month, there were 446 default notices filed in the county, down from 516 in July 2013, and well below the 3,006 filed in July 2008.

The number of default notices filed were the lowest for a July since 2005.

San Diego Union Tribune

Jason Coriano Jason Coriano

SOLD in OCEAN BEACH!

Sales are hot in Ocean Beach!!! 2 closed on the same street! Based on the homes that closed this past week they had stayed on the market an average of 30 days.  Our average sales price over the last week was $1,164,250 with an average of 2.125sq. ft.  Thus making a total of $535 per sq. ft.

***REMINDER***1849 Hornblend in Pacific Beach! REDUCED PRICE of $539,000

Call me today at 619.665.5360 or email Jason@MetroSDRealty.com.  I look forward to hearing from you!

ADDRESS  BD/BA    SQ.FT  SALE PRICE  PR/SQ.FT
2371 Caminito Eximio    3/3     1,516   $507,000    $334
962 Cordova    3/3     1,833   $1,150,000    $627
4592 Tivoli St    4/2     1,976   $1,225,000    $619
4458 Tivoli St    4/4     3,177   $1,775,000    $558
Average     2,125   $1,164,250    $535

 

Jason Coriano Jason Coriano

Foreclosure Update

Foreclosures dropped to a nearly eight-year-low in San Diego County in June, as rising equity and an improving economy continue to help people get out of bad loans.

Last month, lenders foreclosed on 134 properties in the county, seven fewer than they did in May, and down from the 153 properties repossessed in June 2013, real-estate tracker DataQuick reported Thursday. It was the lowest amount of foreclosures since there were 134 in August 2006.

Foreclosures peaked in San Diego County at 2,004 in July 2008.

Default notices, which trigger the foreclosure process, ticked up from 419 in May to 424 in June. Still, they’re down more than 35 percent from the 654 in June 2013.

Default notices peaked at 3,832 in the county in March 2009.

In June, the median price for a home in San Diego County was $440,000, up 8.2 percent from a year earlier. The median rose another $10,000 in July to a nearly seven-year high.

If you are interested in buying/selling or just would like some Real Estate advice, please contact me directly 619-665-5360. Thank You!

Jason Coriano Jason Coriano

Tax Lien Removal

What many people don’t know is that in 2011 and 2012, the IRS implemented something called the “Fresh Start” initiative, which is a series of procedures and policy changes directed toward taxpayers facing collection from the IRS. One of the changes includes a policy that allows certain taxpayers to request that their tax liens be withdrawn, even before the underlying tax debt has been paid. Under this policy, a taxpayer can request the tax lien be withdrawn in certain circumstances that we’ll describe in a moment. 
The Taxpayer Advocate reports that as of March 2013, the IRS issued 6,845 lien withdrawals, an increase of 18% over the same period in 2012. While that’s great news for the nearly 7,000 people who managed to get these taken care of, there are still far more who may qualify but aren’t aware of the program or don’t know how to take advantage of it. I’ve seen firsthand how unaware people are of this policy. Not long ago, I reviewed the credit report of a friend who had two tax liens on his credit reports. Though he had paid them off a couple years prior, he had no idea he could request they be removed from his reports. Using the instructions in this article, he was successful in getting them off his reports. Do you have a tax lien on your credit reports? Here’s how to take advantage of the Fresh Start initiative. 
1. Determine If You Qualify You can qualify to request your lien be withdrawn, if:
·         Your tax liability has been satisfied (you’ve paid what you owe) and your lien has been released;
·         You are in compliance for the past three years in filing your individual and business returns, and information returns (as applicable) and;
·         You are current on your estimated tax payments and federal tax deposits, as applicable.
Even if you haven’t paid the IRS what you owe, you may be able to qualify for this program if you currently owe $25,000 or less and have entered into a direct debit installment agreement where your payments to the IRS are taken from your bank account automatically. There are other requirements you’ll need to meet, including that you have made at least three direct debit installment payments successfully and that you have not defaulted on a previous installment agreement. 
2. Apply to Have The Lien Withdrawn If you believe you qualify, fill out IRS Form 12277, Application for Withdrawal. It’s a fairly simple one-page form, with one page of instructions. Complete it and send it to the IRS per their instructions. If the IRS approves your request, it says it “will file Form 10916(c), Withdrawal of Filed Notice of Federal Tax Lien, in the recording office where the original NFTL was filed and provide you a copy of the document for your records.” 
This means you will have a written record that the lien has been withdrawn. You can ask the IRS to then notify the credit reporting agencies of the withdrawal, or you can supply that notice to them yourself.
Once the credit reporting agencies process your request, the lien will be withdrawn and your credit report and scores will treat it as if it never existed. Note that this is not a process you need to pay a credit repair firm to do on your behalf; it’s something you can handle on your own. If you normally work with a tax professional, you may ask them to help, but even that may not be necessary in most situations. 
Will It Help My Credit Scores?
Getting a negative item like this one removed from your credit reports will often help your credit scores. But how much will your credit scores change when the tax lien is withdrawn? It depends on a number of factors, including how old the lien is and what other type of information is in your reports. For that reason, it would be smart to review your credit score before the lien is removed and then continue to monitor it after the fact. 
Still, the fact that there are no liens reported can be helpful when applying for another loan such as a mortgage.
You need any advice or help in your real estate needs, please do not hesitate to call me at 619-665-5360  -Jason Coriano
Jason Coriano Jason Coriano

How was property sales in 92103 last week?

If you have been thinking of buying in the 92103 area of San Diego now is the time!  On a side note I have a new 2bd/2.5bt listing in Pacific Beach and a 2bd/2.5/bt in East Village coming on the market.  Please call me, I can arrange for a private showing.Sales are hot in 92103!!! Based on the homes that closed last week they had stayed on the market an average of 52days.  Our average sales price last week was $887,031 with an average of 1,850 sq. ft.  Thus making a total of $467.34 per sq. ft.

Call me today at 619.665.5360 or email Jason@MetroSDRealty.com.  I look forward to hearing from you!

             ADDRESS BD/BT EST. SQ.FT. SALES PRICE   SP/SQ.FT.
4321 5th Ave    1/1     640   $235,000    $367.19
917 Torrance St # 22    2/2     1,052   $300,000    $285.17
1313 Terracina Ln    2/3     1,032   $395,000    $382.75
2500 6th Ave # 1206    2/3     2,625   $2,325,000    $885.71
124 W Robinson Ave    3/2    1,802   $735,000    $407.88
807 Barr Ave    3/4    3,720   $800,000    $215.05
1773 Torrance St    3/2    1,436   $916,250    $638.06
3950 Alameda Pl    5/3    2,496   $1,390,000 $556.89

 

 

Jason Coriano Jason Coriano

The Magic Number: Does Your Credit Score Need To Be Above 800 To Apply For A Mortgage?

Over the course of a lifetime, financial development can lead to some wonderful opportunities. A person’s financial development and state of affairs is something that is particularly important when it comes to taking out a bank loan to further progress in life, and the largest loan most people will require is a mortgage for a home purchase.

Since the process of getting approved for a mortgage is heavily dependent on credit history and that three-digit credit score that reflects reliability as a borrower, you should always put forth practices to keep that number healthy and growing.

However, how much importance does a credit score hold? Does that magic, three-digit number need to be above 800 in order to get approved for a mortgage?

The FICO Score: The Magic Number That Counts

When you apply for a mortgage, you will have to provide certain information to your financial institution or mortgage broker. The mortgage specialist at your bank or mortgage broker will then pull your credit score and your credit report.

Fair, Isaac and Company is the scorekeeper of your FICO score, which ranges from 300 to 850, 850 being the highest of all scores, and 300 being the lowest.

Every person in the United States has three FICO scores from the three different credit-reporting bureaus. Up to 80 percent of financial lenders will use a borrower’s FICO score in order to approve a mortgage application and determine a suitable interest rate on the loan.

The 600 Range: Fair And Good Credit Mortgage Options

If your credit score isn’t perfect (ie. above the 800 mark), you need not worry too much. There are many options available for those with credit scores around 600, and, with many different financial lenders to consider, having a mortgage approved sometimes means persisting with an application to several different lenders before receiving a “yes.”

With a “fair” and “good” credit rating falling between 620 and 719, there are options available to get approved for a mortgage well under the perfect 800 mark.  An FHA loan is a type of mortgage loan that is insured by the US Federal Housing Administration, offering an option with more flexible qualification measures. For homebuyers with a credit score above 620, this is a viable and common option.

720 To Perfect: Under 800 And Still In Great Shape

The median credit score in the United States is 723, and anything above 720 is placed with the marker of “excellent credit.” Therefore, just because you may range just slightly above 720, which may feel miles away from a perfect 800, you’re likely in just as good of shape when it comes to getting approved for a mortgage. You can expect a mortgage approval with good interest rates if you have a credit score higher than 720.

Keeping an eye on your credit rating and understanding the measures that are used in determining your credit score will certainly help you maintain a good score. Of course, speaking with a professional and receiving expert advice is always recommended.

If you are thinking of buying or selling a home, please contact me for a free consultation today, 619-665-5360 – Jason@metrosdrealty.com

Jason Coriano Jason Coriano

How do you choose a Neighborhood?

There are so many things to consider when you’re searching for the neighborhood of your dreams: Architectural style, safety, amenities and your commute, just to name a few. And knowing where to start can be daunting. But there are 10 essentials you simply can’t overlook. Keep reading to find out what those are so you can start your start for the perfect neighborhood.

 

 

 

Jason Coriano Jason Coriano

Foreclosures reach 7-year low!

According to San Diego’s Union Tribune, foreclosures dipped to a seven-year low last month as rising prices eliminated much of the distress in the local market. DataQuick reported 148 foreclosures in August, down from 516 in July, the lowest since August 2006.

On the default side, DataQuick said 537 notices were filed in August, up from 516 in July but still far below 1,216 in August 2012. Defaults typically are filed three months after an owner stops making mortgage payments and lenders move to foreclose an average nine months later. Thus the August defaults reflect distress going back to the spring and foreclosures apply to homeowners who fell on hard time in the second half 2012.

That said, declining default and foreclosures are now typical of what was occurring in the normal market form around 2002-2003 before prices rose rapidly and then fell back during recession from 2007. Those scary times have passed and San Diego’s real estate continues to prosper and head to a much stronger path!

If you have been thinking of buying or selling a home in San Diego we have the experience to get the process started! Please call today at 619-665-5360 or email Jason@metrosdrealty.com We would like to be your #1 resource for real estate!

 

Jason Coriano Jason Coriano

Foreclosure vs Short sale

According to CNN notices of default, scheduled auctions and back repossessions has decrease 23% from last year. The lowest it has been since 2007. Last month, banks repossessed around 44,000 homes compared to 100,000 houses a month back in 2010. There can be a number of reasons for such decline, but the progress could be attributed to the fact that many homeowners are looking for other alternatives rather than a foreclosure. Many have gone the route of doing a short sale, where the owner sales the home for less than what is currently owed on the loan and the difference is forgiven by the bank. A process preferred over foreclosure by many banks due to timing and the less negative impact on the customer’s credit.

If you think you are having trouble with your home payments and would like to know more information about short sales, we are here to help! There are many resources to help avoid foreclosure. Please don’t hesitate to contact us at 619-665-5360 or email jason@metrosdrealty.com, we have extensive experience to make the process as smooth as possible.

 

Jason Coriano Jason Coriano

North Park Home Sales For February 2013

North Park, San Diego has had a great first week of February.  North Park home sales have continued to stay steady in making a come back in San Diego’s housing market. Below is the list of homes that sold in North Park, zip code: 92104, in the first week of February 2013.

 

Address

Bed/Bath

Sq. Ft.

Sold Price

3796 Alabama St # 214

1/1

378

$80,000

4031 Idaho St # G

1/1

576

$157,250

2852 Howard Ave

2/1

906

$380,000

3211 Herman Ave

3/2

1,152

$538,000

2852 Redwood St

3/2

1,750

$550,000

 

North Park had 5 home sales with an average sold price of $341,050 and an average square footage of 952 sq. ft.

San Diego real estate has repeatedly made progress in making a full recovery, and continues to show great numbers. North Park home sales have been great, and have displayed great hopes for 2013.

North Park home sales continue to be steady and now’s the time to find your new dream home in San Diego. Call today to start your search, 619.665.5360 or email me at Jason@metrosdrealty.com

Jason Coriano Jason Coriano

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