[SD Realtor]

Here is what I recall for the Homestead Exemption.

Basically there are two ways to protect your home equity against liens and the homestead exemption is one of them. Again, it doesn’t protect your home from a sale or foreclosure, it is designed to protect your equity.

The conditions apply as follows:

The home has to be your primary residence. You have to have occupied the home on the date of the judgement of the lien and you have to have resided in the home thereafter until the court determination that the home is a homestead.

The amount of the exemption varies depending on your status and I think the exemption is greater if you are over 65…

Example…

Say some guy sues you for 300k. You don’t have the money so he slaps a lien on your home basically forcing the sale of the home to collect your money. Say you have 100k equity in the home. So the home gets sold, the lender gets paid, then lets say there is 100k left after the sale. Well instead of that full 100k going to the guy suing you, you actually get to keep a designated amount under the homestead exemption. I think if you are the homeowner and under 65 it is 50k.

SD Realtor

[SD Realtor]

I agree completely with JWM… I doubt the investors signed on to a 1% return…

Sounds like it would be taxpayer money one way or another… FHA or something like that.

SD Realtor

[SD Realtor]

Funny as I have emailed him every 2-3 months asking him to debate and he never once returned any of my emails. I wish I would have heard him so I could have called in… I will send him another one tonite referencing his “challenge” today.

SD Realtor

[SD Realtor]

I have always been a strong advocate of the 10 yr as a barometer for long term mortgage rates. However Bubblesitter really nailed it that the correlation seemed to fall apart as the credit crunch has grown. As the original poster indicated the less risky the loan the stronger the correlation (plus some sort of margin)… However as you move away from conforming loans all bets are off.

Second point is that I disagree with the statement that mortgage rates follow the 10 year up and down some what instantaneously. Rates will always move up immediately when the 10 year moves up. They definitely do not move down immediately. Usually they do not move down unless the 10 year has moved down and stayed down for a few days. Like we always say…. sticky on the way down.

SD Realtor

[SD Realtor]

No such thing as minimal taxpayer impact. However limited this is, however much it will not affect things, it is just wrong.

SD Realtor

[SD Realtor]

FLU you are the man!

As you know I have had many a conversation with this seller. Her thoughts are way out there man…

SD Realtor

[SD Realtor]

There is no doubt that the way she whined in the article about adding to the inventory lends creedence to your point Bugs. The motives from CAR, NAR or SDAR are and will always be to promote real estate regardless of the market conditions.

Yet to advocate not to take listings from unrealistic sellers is inherently good for all parties involved regardless of the motive don’t you think?

SD Realtor

[SD Realtor]

I guess I disagree MM…

Actually I think she is making a point that most people on Piggington complain about. She is simply implying, don’t take listings for sellers who are thinking about fetching an unrealistic price. Don’t waste time with unmotivated sellers whose homes will simply sit on the market and not do anything.

I don’t like her underlying reasoning that this will do nothing but add to the inventory numbers but overall I think her message is not bad.

How many posts have we seen where someone raves about some overpriced home saying, “What is this seller thinking?”

[SD Realtor]

Nothing ever goes straight up or straight down. Yeah it appears to have gained some momentum but I would not fret over it.

Unfortunately as many would like the cycle to go down hard and fast, that is simply not how it works.

You will have to be patient. There are other plenty of condos in 92130 that will drop substantially in price.

SD Realtor

PS – Not that this affects the numbers much but I would gather that the sales that were more recent as opposed to less recent could have had some sort of credits for the buyer as well…

[SD Realtor]

Hi csr_sd –

I have a young couple who is really interested in clairemont and every month or so we go out and look at homes there. They are in no real hurry. I have seen some price drops there but there has been an elemenis still alot of stickiness for some of the nicer canyon homes. There is ALOT of inventory and I cannot help but think Clairemont will chunk down but it may not be until there is another good strong wave of foreclosures in that area. There already have been a good deal of foreclosures there and I think your price target will be reached but I am not betting on it in an immediate timeframe. It is possible by late 08 it will get there but it may be for the less desireable homes there. By 09 there is a 50/50 shot at some nicer homes finding that price level….

As always lots of dependencies/wildcards that can slow down or speed up the process.

SD Realtor

[SD Realtor]

Hi Bonjon –

A quick rehash… when a seller defaults on his loan, if he does not cure the default the home goes to what is called a trustee sale. At the trustee sale you can purchase the home but you will need to come up with cash. Most homes at trustee sales go back to the lenders. Once the home goes back to the lender it is known as an REO. The lender can then market the home on the MLS, or submit it to other private auctions such as usahomeauctions.com (aka REDC)…

Anways to answer your question, when a home goes back to the lender at a trustee sale that information is not compiled into monthly sales figures.

Also when I refer to the monthly sales figures I am refering to Dataquick. I do not know if Dataquick compiles information from private auctions. That is a good question. I can tell you for sure that the MLS does not.

Hope this helps…

[SD Realtor]

Update time.

9/3/07 – 92131

Total Actives – 120 down by 7
Total Pendings – 24 down by 8

Closed escrows (sold) in the past week – 3 down 3
New listings added in the past week – 4 down 7
New pendings from 1 week ago – 1 down 3
New withdrawns from 1 week ago – 1 up 1
New cancelled from 1 week ago – 3 up 1
New expireds from 1 week ago – 5 up 2

*****************

8/27/07 – 92126

Actives – 201 up 8
Pendings – 33 down 9

Closed escrows (sold) in the past week – 10 up 1
New listings since last week – 11 up 4
New pendings from 1 week ago – 5 down 2
New withdrawns from 1 week ago – 3 down 2
New cancelled from 1 week ago – 1 same
New expired from 1 week ago – 2 same

*****************************

SD Realtor

[SD Realtor]

Good post newcomer. Personally I have witnessed attached housing declines on the order of what you have posted above. Do you mind if I ask you which complex you gathered the data from? At any rate kudos for a good post… in some parts of the county detached homes have indeed matched the declines. Up in Murrieta the declines even exceed these amounts. Other hard hit areas for detached include Eastlake/Otay, Escondido, El Cajon, just to name a few.

SD Realtor

[SD Realtor]

arrrrggg… your carmel valley monitor reminded me i forgot to update the scripps/mm monitor…

SD Realtor

[SD Realtor]

Hi Shiloh –

As HLS commented the loan docs spell out all the conditions of loan and by signing them, the buyer is obligated to their requirements. The other thread talking about loan modification is what you are implying…. So basically yes can the loan servicer rewrite or essentially change the conditions of the loan at the expense of the investors. The question is yes but the latitude with how much they can change is something that is between them and the investors.

As for the govt…don’t get me started…How about Hillary’s idea for a foreclosure “break”… basically halting all foreclosures for awhile… or John Edwards house fund… even Bushes crackpot scheme… they all totally reek. Good thing that the housing dump isn’t being politicized…. and it is only Sept of 07!

SD Realtor

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