IS IT OVER?....NOT

You can see that the housing and credit crisis is not over, we still have 2011 as a major shakedown. Be prepared for more of the same for another year. The Option ARM loans are the ones that will be reseting in 2011, the short term advantage is that rates are low, but how long will they stay low, is another question.

The number of days since the average borrower in foreclosure last made a mortgage payment is close to 500!!!


Banks can’t foreclose fast enough to keep up with all the people defaulting on their mortgage loans. That’s a problem, because it could make stiffing the bank even more attractive to struggling borrowers.
In recent months, the number of borrowers entering severe delinquency — meaning they missed their third monthly mortgage payment — has been on the decline, falling to about 700,000 in October, according to mortgage-data provider LPS Applied Analytics. But it’s still more than double the number of foreclosure processes started.
As a result, banks are taking progressively longer to foreclose. The average borrower in the foreclosure process hadn’t made a payment in 492 days as of the end of October, according to LPS. That compares to 382 days a year ago and a low of 244 days in August 2007.
In other words, people who default on their mortgages can reasonably expect, on average, to stay in their homes rent-free more than 16 months. In some states such as New York and Florida, the number is closer to 20 months.
That’s a meaningful incentive, and it’s likely to grow unless banks manage to boost their throughput. Speeding up the process won’t be easy, as demonstrated by the banks’ continuing legal troubles related to robo-signers, bank employees who signed foreclosure affidavits without properly checking the required loan documentation.
Millions of Americans still are paying their mortgages even though they owe more than their homes are worth. The more banks’ backlog grows, the more likely they are to join it, adding to the already giant pile of foreclosures weighing on the housing market

December 12 & 19, San Diego Bay Boat Parade of Lights

Spectacular event--free to view! The Annual Port of San Diego Boat Parade of Lights features a large fleet of private craft decorated and illuminated for the holidays. The boat parade will travel a 7-mile route from Shelter Island to Coronado.

December 12, Annual Pacific Beach Holiday Parade


A community holiday parade that features floats, marching bands, color guards, community groups, children marching groups, clowns, Santa Claus, and more.

Time: 1:00 pm – 4:00 pm

Parade Route: Garnet Ave/Haines St, Garnet Ave., Bayard St/Garnet Ave.

For more information visit http://www.pacificbeachfest.com/

December 12, Gaslamp Holiday Pet Parade

A pet parade where pets and people can dress up in costume and march in a parade through the Gaslamp Quarter with the hope to win a prize. The event isn’t just for dogs; any pet will do. A fun parade to watch or participate in. This event includes a Pet Expo.
Time: 1:20 pm – 4:00 pm / Pet Expo 2:00 pm – 5:00 pm

Parade Route: Starts from the Hilton Hotel parking lot at 5th & L Street. Admission $10.00 per pet & owner for the parade & costume contest.

For more information visit http://www.gaslamp.org/

December 3 & 4, Balboa Park December Nights

Free community festival. Balboa Park holiday extravaganza featuring two days of light displays, nativity, Santa, musical & dance presentations, plus shopping, and holiday food & spirits. More than 80 museums & cultural organizations will be open for this event. Participating museums will be free to the public from 5:00 to 9:00 each evening.

Time: Fri 5:00 pm – 10:00 pm / Sat Noon – 10:00 pm

Location: Balboa Park

For more information visit http://www.sdhpr.org/

CHRISTMAS IN SAN DIEGO
December 3, Coronado Christmas Parade –

Open House – Snow Mountain

The holiday season in Coronado starts when Santa arrives by ferry at the Coronado Ferry Landing. A festive parade along Orange Avenue follows, while merchants keep their doors open late for shopping. Santa lights the 75-foot star pine Christmas tree located in the center of town as the community band plays holiday music. Snow Mountain is open from 3:00

to 8:00 pm. The evening finishes with 2 concerts at 2 different locations.

Time: Refer to website for schedule

Location: Ferry Landing Marketplace – Coronado

For more information visit www.coronadovisitorcenter.com

CAN YOU BELIEVE THE BANKS???
I have tried to decypher America's largest bank's approach to short sales.

 

I understand that they have a huge percentage of assets that should not be called assets any more, and the moment they recognize this truth they probably will go out of business or at least be in deep, deep trouble.

 

The problem that I see, is that, instead of dealing with it and establishing a plan, they are simply waiting and pretending, waiting for a miracle and pretending nothing is wrong. The people that gets affected by this lame attitude is: homeowners that want to short sale, end their nightmare and go on with their lives; and Real Estate agents, who work like dogs to get a sale through, just to find ourselves immersed in this bureaucratic ocean of crap, playing the waiting game, the foreclosure l. The bank probably does not have the intention to authorize a short sale because their reserves are low, they could inform the agent to not come back until 6 months from now, because they cannot afford to foreclose or short sale that house at that moment, get a number and we will call you.... then the agent could go on and continue to collect sellers and place them in that huge line and wait for the number to come up, but NO, how could it be so easy. The bank, instead, prefers to ask for 5 lbs of documents, to upload them in their stupid Internet portal, to lower our commissions, to send another 5 lbs of documents, to go back to square one if the buyer got tired of this load of crap, and then when you think its over, after 6 or 8 months..... They transfer the property to one of the paper companies they have created to hide the ball:

• Home loan Servicing LP
• Realtime Resolutions
• LRC
• Moscodilis LLP

Collection agencies, or outsourcing companies designed to transfer the blame for whatever happens, to allow to play the game: wait and pretend.
Do you really think they have the "investor" voicing an opinion if Mr. Smith should bring $2,000 more to the table? or if they are going to pay HOA or not?, The investors only know that they bought a financial instrument, and are receiving their interest payments, they don't give a rat's ass where the money is coming from. There is really no investor reviewing the files, this would take years to do, just do the math. They have just created this scripted crap to have a story to tell to all the real estate agents, who cares about us?, we are disposable, the only use they see for us, is that they may also decide to sell stuff to us and get what is left of our retirement money (designations, courses, portals, lists of asset managers, seminars, conferences and all that %^&* crap).

 

I was scared in the begining of the possibility of Banks going broke, this would be the end of the world, I thought. Now, I have come to the conclusion that nothing would happen, life would go on, they probably deserve to go broke, they probably need to be replace with a fresh batch of independent investors that would begin lending money and would create a system based on supply and demand and all the principles that gave birth to our great Nation.
Its about time we allow all these TO BIG TO FAIL entities to start failing and allow us, the people to breath and live free again, when did we turn communist? when did all go away?
To hell with the banks, to hell with the oil companies, to hell with the pharmaceuticals, to hell with the insurance companies, to hell with Republicans and Democrats, WE NEED HEROES, WE NEED AMERICANS THAT LOVE AMERICA.

Luxury homes…the so-called McMansions are going into default at a faster rate than anyone expected. Expect this trend to only increase.


Why is this happening with the least risky, most able to pay borrowers?
Chronic negative equity. In many cases the owners have made the financial decision to do a strategic default.

Nationally, housing prices might continue to fall....FHA
For those of you who are hold-outs in the belief we are experiencing a double dip in home prices…this new report from the FHA should convince you.
The Federal Housing Administration (FHA) submitted their annual report to Congress today and they predict a continuing decline of home prices going into the future.
In a report by the FHA on their government website, the administration reported that insurance claims declined which means either less people are buying homes and need FHA assistance, or the prices have declined and less money is needed to backstop home purchases.
FHA’s study finds that since last year, the capital reserve ratio held steady, insurance claims declined significantly, and the economic value of FHA’s single-family insurance program grew by more than $1 billion, from $3.6 billion in 2009 to $4.7 billion in 2010.
Like last year’s report to Congress, this accounting shows that FHA is sustaining significant losses from loans insured prior to 2009 and its capital reserve ratio remains below the congressionally mandated threshold of two percent of all insurance-in-force. However, the report concludes that under conservative assumptions of future growth of home prices, and without any new policy actions, FHA’s capital ratio is expected to approach two percent in 2014 and exceed the statutory requirement in 2015.
“It’s clear that FHA is in a stronger position today than we were just one year ago,” said FHA Commissioner David H. Stevens. “While we are not yet completely out of the woods, based on the evidence we’re seeing, FHA is weathering the economic storm while helping to create a firm foundation for our nation’s recovery.”

FHA’s capital reserve ratio measures reserves in excess of those needed to cover projected losses over the next 30 years. The independent actuarial reviews of the MMI Fund estimate FHA’s capital reserve ratio to be 0.50 percent of total insurance-in-force this year, falling fractionally from 0.53 percent in 2009. The difference is primarily attributed to the use of much more conservative assumptions regarding future house price growth than were used last year, which also resulted in an $8.5 billion decrease in economic value. However, that decrease was offset by a variety of factors, including an $8.7 billion increase in value due to better credit quality, loan performance, and the premium increase implemented earlier this year.

Since over 40% of home purchases go through the FHA each year, they are a very good barometer in determining the strength of the home markets, and in determining the direction of home values. Many monthly reports that come out of government agencies are based on faulty accounting methods, and in many cases, simple phone surveys. This report by the FHA is tied solely to applications and contracts that required FHA insurance for home purchases.