Listings Foreclosures - Read the Latest Foreclosure Listings News.

According to MDA DataQuick, 52.1% of all home sales in San Diego last month are foreclosures. Compared to the previous years? records, median home prices now are very low at $305,000, from its peak of $517,000 in November 2005.

Real estate analysts say that foreclosures pull down properties’ prices, even those in higher-value neighborhoods, and that even homeowners who do not need to sell are waiting.

This is really a bargain-hunting time for you. As a matter of fact, there are a lot of first-time homebuyers now who are pleased of foreclosures pulling down prices, increasing affordability.

However, looking at the side of the home sellers and the housing industry, the fact that foreclosures comprise more than half of home sales do not actually imply a move-up purchase, instead it just repays lenders.

The North County Association of Realtors Homedex has reported in its affordability report that about 33% of San Diegans can afford the median-priced single-family home last month, and about 59% can afford a condo unit.

Median prices have dropped. An existing single-family detached house has now dropped to $335,000, and $204,000 for an existing condo. On the other hand, the median price of a new house has risen to $509,000 from $444,000 last year.

New home inventories have gone down. In fact, there are only 87 new home building permits that have been issued last month, which I a 20-year low as reported by the Construction Industry Research Board.

Almost 50% of home buyers in San Diego use government-insured, FHA financing. With the adjustments for inflation, current mortgage payments are now 37.4% lower than typical payments that have been made in 1989, which is said to be the peak of the early real estate cycle, and 48.7% lower than the peak of the current cycle in June 2006.

Grab the opportunity now and get that house of your dreams in the most affordable price.

Talking to one lender about loan modification is hard, how about adding home-equity loans to the picture. If the first and second mortgage cannot agree the homeowner is at greater risk for foreclosure.

Home-equity loan is a mortgage where the borrower’s house is used as collateral, secondary to a primary mortgage. SMR Research found out that as of June 30 home-equity loans reached $1.05 trillion.

Also called second-lien lenders, home-equity loans fall behind mortgages. This means that lenders cannot claim a forfeited home-equity loan by taking over a house unless the borrower does not have another loan. It is just parallel that the six big home-equity lenders have $2.75 billion uncollectible.

During the peak of the housing industry, when houses still has high value, home-equity loans are beneficial to the lender. In case of foreclosure, selling the expensive home can compensate more than is actually obligated.

But with the downfall of the housing industry, foreclosure resell is not enough to pay for the mortgage, nothing for the second lien lenders.

The fear of foreclosure is more heightened than ever so the government pushes lenders and investors to help the foreclosure-troubled. But home-equities had made this a challenge.

Having to go through the process of loan modification by decreasing balance, or lowering interest or prolonging terms of agreement is already a tedious task. What more having a home-equity loan.

Lenders, or the first lien think that by adjusting loan terms gives a window to also pay off second lien lenders. With the desire to receive compensation, home-equity lenders can be more aggressive. Conflict can arise making the process more difficult, making foreclosure loom closer.

Hope Now, a group of lenders and counselors, asks both liens to fix the problem together. The federal Hope for Homeowners project enhances Hope Now’s point by letting the first-lien lender pay the home-equity lenders, thereby making the first-lien policymaker. Though there are still some hitches in the process, it has been successful so far.

Adjustable Rate Mortgages (ARMs) are time bombs threatening to explode in the already devastated economy. By mid-2009, a new wave of ARMs will reset.

ARMs initially offer affordable monthly payments. What the borrowers do not know is that deferring their mortgages would only cause their debt to pile up. Then, when the time is up, or the mortgage matures, interest increases making payment more difficult. When the borrower can not pay anymore, foreclosure comes in.

Economist Elliot Eisenberg and the National Association of Home Builders (NAHB) believe that the whole housing industry must be fixed first to help our economy recover. They consider foreclosure as the root of the economic downfall.

With that being said, ARMs must be targeted too since this home loan product usually ends up to foreclosure.

Furthermore, Eisenberg warns home builders that 2009 is not yet the fresh start for housing with the upcoming reset of ARMs. Home builders cost cut through reducing their inventory and letting go of some employees.

Eisenberg does not mean to scare the builders, businessmen, lenders, borrowers and the government. He just wants to educate. If your ARM is about to reset, he suggests to:
Do something now! Talk to your lender and fix it together.
If that does not work, find local lenders that are willing to help you save your home from foreclosure.

Eisenberg reiterates: If the housing industry does not recover, more jobs will be lost, businesses will fail, homes will devaluate, and tax revenues will also decline forcing the government to save up by cutting off areas like social services and public safety.

This constant flooding of foreclosures brought nothing good to our economy. Let us be reminded that giving attention to the foreclosure problem is a great leap in solving the economic depression.

The latest resolution of the Treasury Department regarding the housing crisis is believed to be more of a short-term relief rather than a permanent solution. Economists argue that reducing interest rate to 4.5 percent is not enough to improve home sales and decrease foreclosure incidences. Even worse, the proposition could cost $25 billion dollars yearly.

Troubled homeowners in Florida who are having problems with their mortgages received an early holiday present in the form of a 45-day moratorium on foreclosures for the length of the holiday season. Florida Governor Charlie Crist announced the news after banks and credit unions gave their support for the moratorium.

California Governor Arnold Schwarzenegger has introduced a 90-day foreclosure moratorium. He called on for the implementation of the moratorium unless the banking industry can offer a comprehensive program to modify home loans that are on default.

California foreclosures are still on the rise despite pressures exerted by government officials on mortgage companies to help families with troubled mortgages. In a survey conducted by the nonprofit group California Reinvestment Coalition last April, homeowners who sought help from mortgage counselors still ended up in foreclosures.
The data was taken from mortgage counselors coming [...]

Since decreasing mortgage duties, approving incentive packages, purchasing toxic loan-supported securities and restricting foreclosure have not been effective in evening out the housing markets, a new intervention is in need.
Fractional homeownership works the same way as having a business partner or an investor. The homebuyer now does not have to pay for the heavy [...]