According to the National Association of Realtors, Fannie Mae and Freddie Mac are trying to sell off 150,000 foreclosed homes by offering low down payments, no requirement for mortgage insurance, and up to $30,000 added to the mortgage for renovations. In addition, the real estate practitioner selling the property gets a $1,500 bonus.

In some neighborhoods, these properties undercut the average listing by $100,000.

Fannie and Freddie already have repaired the biggest problems with the property including roofs, plumbing, and electrical work.

Buyers who plan to live in the properties get a 15-day chance to view the homes before investors can purchase them. Investors with cash will likely snap up any properties remaining at the end of the grace period.

"Our goal is to recover as much as we can to offset our loss and not to be low balling properties just to move them," says a Freddie Mac spokesperson. "We absolutely have no motivation to be leading a downward spiral in home prices."

If you are thinking about buying or selling a home, then call us today at (858) 204-5700 for a complementary comparative market analysis. We are here to help you navigate this changing market and provide guidance on what is the best decision for you. We also appreciate your referrals!

Source: Smart Money, Anna Maria Andriotis (09/28/2010), National Association of Realtors.

Here's some interesting news that is hot off the press...According to the National Association of Realtors and a recent New York Times article, rumors are circulating that Zillow.com is about to file for public offering and go public. It's likely that these changes are due to executive changes at the top.

The co-founder and CEO, Rich Barton, announced last week that he will become Executive Chairman and Zillow's Chief Operating Officer and the Founder of Hotwire, Spencer Rascoff, will take his place.

In addition to Barton being considered an expert in working with investment bankers, he's also a polished presenter on television and has a knack for winning over potential investors.

If you are thinking about buying or selling a home, then call today at (858) 204-5700 for a complementary comparative market analysis specific to your neighborhood. We are here to help you make the best real estate decisions for you and your family. We also appreciate your referrals!

Source: The New York Times, Claire Cain Miller (09/20/2010), National Association of Realtors

According to the National Association of Realtors, a quarterly report was released on Wednesday by Brookings Institute's Metropolitan Policy Program, which listed the top 20 strongest performing metropolitan areas. Most of these cities experienced an increase in manufacturing jobs and only modest declines in home prices.

"While most large metropolitan areas saw growth in output and jobs in the second quarter, it's far too early to open the champagne. The good news isn't all that good," Howard Wial, a Brookings fellow, said in a statement. "We are nowhere near where we were prior to this recession."

The 20 strongest performing metro areas are below:

1. Albany, N.Y.
2. Augusta, Ga.
3. Austin, Texas
4. Baton Rouge, La.
5. Buffalo, N.Y.
6. Dallas
7. Des Moines, Iowa
8. El Paso, Texas
9. Honolulu
10. Houston
11. Jackson, Miss.
12. Kansas City, Mo.
13. Little Rock, Ark.
14. Madison, Wis.
15. McAllen, Texas
16. Oklahoma City, Okla.
17. Omaha, Neb.
18. Rochester, N.Y.
19. San Antonio, Texas
20. Washington, D.C.

Although there have been some recent articles reporting more positive information about the housing market, we still have a long road ahead of us. That being said, this is still a good time to buy a home in San Diego with historically low interest rates around 4.3% for a 30 year fixed and property values down about 30% on average.

If you are thinking about buying or selling a home, then call today at (858) 204-5700 for a complementary comparative market analysis specific to your neighborhood. We are here to help you make the best real estate decisions for you and your family. We also appreciate your referrals!

Source: CNNMoney.com, Annalyn Censky (09/15/2010), National Association of Realtors.

According to the National Association of Realtors and the Associated Press, the Federal Housing Administration announced the latest government program to help underwater borrowers.

As of Tuesday, September 7, 2010, the Federal Housing Administration will allow lenders to select which of their borrowers can participate in this new plan. The borrowers that investors and banks choose will most likely be borrowers who are expected to default anyway.

The FHA offers help to qualifying non-FHA borrowers who are "underwater" on their home loans. The FHA Short Refinance option is open to those who are current on their existing mortgage, but the lender must agree to forgive at least 10% of the unpaid principal on the original note to bring the combined loan-to-value ratio to a maximum 115%. The new FHA-guaranteed loan must have a loan-to-value ratio of no more than 97.75%.

What's the catch? Non-FHA borrowers who meet these guidelines and additional credit qualifications are allowed to apply to refinance into new FHA-insured home loan. Requirements for this program consist of the following; the borrower must be current on all mortgage payments and they must qualify for the FHA Short Refinance program by having a credit score of 500 or better and meet other typical FHA loan prerequisites. For more information on these guidelines visit the Federal Housing Administration website at: http://www.fha.com/fha_article.cfm?id=169.

It's also important to note that this program is not automatically open to homeowners who are underwater on conventional home loans. FHA Short Refinancing is only for borrowers who are underwater on properties that are considered the borrower's primary residence and is intended only for those with non-FHA guaranteed home loans. Due to declining property values, borrowers who are "underwater" on conventional home loans are basically stuck with properties that aren't worth as much as the amount owed on those notes. In addition, the FHA Short Refinance program is voluntary and "requires the cooperation of all lien holders". This could be a potential problem for borrowers hoping to qualify as lien holders continue to fight for lost dollars.

According to the FHA, the program is expected to help as many as four million homeowners through the end of 2012. Other sources state estimates that between 500,000 and 1.5 million borrowers will be helped, but analysts at Barclays Capital say they doubt whether the program will reach 300,000 borrowers.

How likely is it that this program will succeed? Critics speculate that foreclosures are still coming down the pipeline and it could be too little, too late. Only time will tell, as we approach the fall and winter market. We will continue to watch this program and update you on any important news. In the meantime, please contact us at (858) 204-5700 for all your real estate needs. We also appreciate your referrals!

Looking for something fun to do for Labor Day weekend in San Diego? You've come to the right place! According to the Automobile Club of Southern California, San Diego ranks as the No. 2 destination, behind Las Vegas, for southern California travelers who are getting away for the holiday weekend.

Although weekend travel is not expected to match travel levels from years past due to economic conditions, it's still important to allow plenty of travel time to and from your destination. Please also remember that law enforcement will be at a heightened level and DUI check points will in effect. There are so many fun things to do in San Diego this weekend and we have listed a few of our favorites courtesy of SDNN and SD Entertainer. Have fun and be safe!

Here are some fun activities and events to do with friends and family.

San Diego Chargers vs. San Francisco 49ers: Friday's 7:05 p.m. kickoff with the San Diego Chargers and the San Francisco 49ers won't be televised locally, courtesy of the NFL's blackout policy. The league's long-standing policy requires all games not sold out 72 hours prior to kickoff be blacked out in the local television market.　 The good news: the game isn't sold out. In fact, there are approximately 7,000 tickets available for Friday's game. 　Ticket prices range from $54-$98, and can be purchased online at Chargers.com, Ticketmaster.com, or at the stadium at Gate C. Qualcomm Stadium is located at 9449 Friars Rd.

Stickball West Coast Invitational Tournament: New York City's popular urban pastime has a loyal local following and Labor Day Weekend Little Italy's streets will be overrun with stickball players. Teams from New York, New Jersey, Florida and Puerto Rico will travel to San Diego for the Friday-Saturday-Sunday tournament to go head to head with local teams. Stickball is spectator friendly - but be alert. Buildings, curbs, parking meters, signs and balconies are all playable in fair territory. According to the Little Italy Association's Web site, Bronx rules apply: no gloves allowed, the batter pitches to himself, and he gets one swing of the stick to hit the rubber ball. The tournament is free for spectators, and runs from 8 a.m. to 6 p.m., Saturday, Sunday and Monday, located on Columbia Street between Beech and Cedar streets; and State Street between Ash and Beech streets.

The Princess Bride at Cinema Under the Stars: The classic fairy tale adventure tells the story of a fated young couple (a son-to-be princess and her childhood love) who battle incredible odds (and larger-than-life rodents) to be with one another. The family-friendly film shows at Tops Presents Cinema Under the Stars Thursday, Sept. 3, Friday, Sept. 4, Saturday, Sept. 5 and Sunday, Sept. 6. Doors open at 6:00 p.m., film begins at 8:30 p.m. Tickets are $13.50 per person. Cinema Under the Stars is located at 4040 Goldfinch St.

Fortune Labor Day Pool Party: Siren's Pool and Uber Lounge at the luxurious Se Hotel will host Fortune's Labor Day Pool Party Sunday from noon to 9 p.m. Lavelle Dupree, G*Roy, Theron, DeVoy, J-Sin, Yusef, Scott Saunders, the Get Down Society and - newcomer on the Vegas & L.A. scene - DJ Travis Emmons will showcase sets. Advance tickets ($10) are available; for VIP bottle service or cabana reservations, call or text 619-515-3045. Se and Siren are located at 1047 5th Ave.

Pacific Classic Day and Reggae Fest featuring Ziggy Marley: Sunday, the Del Mar Racetrack hosts the season's richest, most prestigious race: the $1 million Pacific Classic. The country's top horses in the 19th will be running; the first race begins at 1 p.m. At 6:45, when the 11-race card wraps up, Ziggy Marley will headline a Reggae Festival on the Infield Stage. Ziggy's opening act is the funky Nikka Costa. The concert is free with a $6 racetrack general admission ticket. Gates open at 10:30 a.m., and the first race is at 1 p.m. The Del Mar Racetrack is located at 2260 Jimmy Durante Blvd.

Labor Day Grape Stomp: 　Relive Lucille Ball's classic grape-stomping antics in Old Town on Monday from noon to 6 p.m. Hosted by Hacienda de las Rosas Winery, the annual barefoot grape stomp includes a wine tasting, food and live music by a country rock band. The winery will haul a 120-year-old California Redwood wine tank to Old Town's Fiesta de Reyes Plaza, and bring individual tanks too, for wine stomping competitions every half hour. Tickets for the Labor Day Grape Stomp are still available; adult tickets are $25, and tickets for children (14 and under)are $10. At 12:30, the winery will have its harvest blessed before the fun kicks off. For tickets call 619-840-5557. Fiesta de Reyes is located in Old Town San Diego State Historic Park near the corners of Taylor and Juan streets in Old Town.

Beat the heat: Soak in the sun at a San Diego beach or better yet, The Lafayette's pool in North Park, or let the cool air conditioning of a local movie theater wash over you. The hoppin' North Park escape charges non-hotel guests $5 for pool admission, and poolside cocktail servers run booze and food all day. The Lafayette's pool - open to non-guests after noon - is the best way to relax, without the hassle of finding beach parking (and, there's no booze ban in North Park!). The Lafayette Hotel & Suites is located at 2223 El Cajon Blvd. A dip in the pool - or the Pacific - is a great way to beat the heat. So is catching a movie. David Elliott, SDNN's resident movie buff, has the scoop on the weekend's new releases.

Seaworld: This is especially enticing for families, with extended hours everyday of the weekend. Also, don't forget to bring a blanket to get cozy for the fireworks shows. Saturday & Sunday shows @ 9:50pm & Monday show @ 8:50pm

Escape to Catalina: Sail to the Catalina islands for the weekend. This is a rare opportunity for passionate adventurists as well as sailing lovers. Visit http://www.sdmaritime.org/ for more info.

Outlet Shopping: If shopping is more of your thing, head over to the premium outlets in Carlsbad and Las Americas. The already discounted prices will sink to new lows during their annual Labor Day sales.

Visit the Bay: Visit the San Diego Bay for a variety of cruise offers over the weekend. On the BBQ cruise the amazing views of the San Diego Bay are accompanied by an exquisite dining experience. There are also sunset dinner cruises available nightly. We recommend the iconic Hornblower if you decide to venture to the bay for a cruise this holiday.

Music: If you're looking for audio entertainment, head over to Humphrey's on September 6th for a full day of good music. The fun goes all the way through till 1 a.m. Stay tuned for more music updates from The Entertainer as the weekend approaches. :

These events suggestions are courtesy of the San Diego New Network and San Diego Entertainer. For more information on these labor activities check out the following links.

Read more: http://www.sdnn.com/sandiego/2009-09-03/8-great/eight-great-san-diego-ways-to-celebrate-labor-day#ixzz0yONhs3o3

Read more: http://www.sdnn.com/sandiego/2009-09-03/8-great/eight-great-san-diego-ways-to-celebrate-labor-day#ixzz0yONZk9YG

More Events: http://www.sdentertainer.com/lifestyle/labor-day-weekend-in-san-diego/

Please remember us for all your real estate needs this weekend. We also appreciate your referrals. For more information on buying or selling a home, contact us today!