Terry L Bursky

That's all I hear...Shadow Inventory. The rate of distressed homeowners is still increasing. The amount of foreclosures is at an all time high in San Diego - 19,543. That is our Shadow Inventory, almost growing like a mold. Not black but RED. Homes that have been foreclosed on and yet not listed for sale. I see them all over the community. When I take buyers out for viewing properties they want to know if I know when that property is coming on the market. If I know anything about it. I can't tell them a heck of a lot if it's not listed yet. Used to be you could really spot them quickly...dead grass, tall weeds and tons of newspapers and "help" advertisements littering the driveways and doorsteps. Now, it's more controlled, the HOA's or the list agents are fined for leaving a yard go without maintenance. The neighborhoods are looking greener and the streets tidy...still the Shadow Inventory lurks like mold, waiting to be cleaned up.

Whose going to do the cleaning up? Polititians with their moratoriums and bail out programs? A high percentage of loan mods don't work and if they do not for very long. We as realtors all wait to see the latest and greatest new programs to help, but it's not working.

I say open the trickle of foreclosed homes to a steady flow. We all know there are plenty of buyers wanting to purchase these homes. Why have homes with 30-60 offers on them when the house next door is waiting, empty and available? So it's all a crap shoot as to where this market will really go this year. Here in San Diego the best thing to do is loosen the comps, tighten the closing costs credit and put your best loan forward cause it doesn't seem to be getting any easier. Gone are the low balling days and getting 3+ % in closing costs credit. I know I'll find my buyers great properties to come home to at night. It's just going to take a little more time and patience on everyone's part.

We live in a wonderful city....San Diego. So many places to choose from, dining, shopping, sightseeing for the not so weary traveler and just downright fun things to do. Here's a web site I thought you might enjoy browsing to find that right holiday outing for you and your family. Whether it's a commercial display of Christmas Lights, Ice Skating at the The Hotel Del Coronado, The 38th Annual San Diego Bay Boat Parade Of Lights, a nighttime discovery of The San Diego Zoo?! Or you might like to bundle the kids and bring the dog along for a slow drive through the residential areas that go out of their way to dazzle you.

Whatever it is that you would like to do this holiday season,I'm sure you will find it on - SanDiegoTravelTips.com If you find something for the holiday season you would like everyone to be aware of - please drop me a line.

This is great news! Interest rates are so low and more REO's for the market soon. The First Time Buyer Credit extension and now the "Move-Up" credit of $6,500. What better time is it to buy? CENTURY 21 Award and Wells Fargo have joined together to create GreenPath financing. With over 1700 different types of loans.

This was on the C.A.R. page this morning -

In the third quarter of 2009, nearly two-thirds (64 percent) of California's households could afford a home at an entry-level price of $247,150. The monthly mortgage payment including interest, taxes, and insurance (PITI)-based on a 10 percent downpayment and the prevailing mortgage rate of 4.79 percent-added up to $1,450. That is $340 less when compared to a year ago, when the entry-level home was priced at $290,490, the mortgage rate was 5.30 percent, and the monthly (PITI) was $1,790. The First-time Buyer Affordability Index is 9 points higher than the third quarter of 2008 when only 55 percent of the households were able to afford a home. While this affordability index only goes back to 2000, other affordability measures indicate that affordability has been at a historically high level in 2009 even compared to the 1980s and 1990s.

Buyers if you are not in a position to buy now, talk with your banking institution and find out how to get yourself ready to purchase a home before you are outpriced again. Please remember to get at least 2-3 quotes from different lenders on rates and fees, these are negotiable. Your REALTOR can help you in that area as well, by referring lenders they have worked with in the past. The choice is yours. So, now is the time to start planning before the mad rush in early springtime.

Here it is the extended tax credit for homebuyers! It's been approved, the extension of the $8,000 first-time homebuyers tax credit for homes under $800,000 through April 30, increased the income ceiling for eligibility to $125,000 for individuals and $225,000 for couples, and introduced a new $6,500 credit for existing homeowners that have lived in their current homes for at least five years and now want to "move up."

This is great news! Get ready and start planning your goals. Homeowners with equity can now take advantage of the low prices and receive the $6,500 if in escrow by April 30th. Interest rates are low, low, low right now. If you missed moving up a few years ago and thought you were outpriced, now is the perfect time to get that second chance.

As REALTORS we're here to help people in their real estate needs. Whether it's finding a new home or keeping the one they currently have.

Beware of Foreclosure Rescue Scams - Help Is Free!

• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can "save" your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

This is a time for many people facing hardship that need understanding and help for a way out. Keeping their dignity and saving as much of their credit as possible. Legal advice and a tax preparer are always advised before moving forward on a short sale. Communication with your lender is the first step. You should know your options as soon as possible, always have a Plan A,B and C.

www.MakingHomeAffordable.gov has a lot of information I think could be very valuable to homeowners who think they have nowhere to turn. If you find yourself facing a true hardship and need more assistance I'm here to help. You'll have a strong team behind you. CENTURY 21 sells a home every minute of the day.