The end of January’s Fed announcement was very favorable for mortgage rates. This week’s mixed economic data, Treasury auctions, and news from Europe had little influence. As a result, mortgage rates ended the week lower.

The forecasts from Fed officials for the fed funds rate contained some major surprises for investors. Fed officials now expect that economic conditions will allow the fed funds rate to remain at exceptionally low levels until at least “late 2014″.Prior statements extended the expected time frame only to mid-2013. In addition, comments from Fed Chief Bernanke suggested that Fed officials would like to see stronger economic growth, and they are open to the possibility of additional Fed easing. Many investors think it is likely that the Fed will announce additional MBS purchases at a later meeting. The expectation for a low fed funds rate and the possibility of additional Fed purchases of mortgage-backed securities (MBS) increased demand for MBS, which resulted in higher MBS prices and lower mortgage rates.

The most recent release of Gross Domestic Product (GDP) showed an increase at a 2.8% annual rate during the fourth quarter of 2011, which was a little below the consensus forecast, but up from 1.8% during the third quarter. Early estimates for the first quarter of this year are for a slower growth rate. The long-run average growth rate for the economy is generally considered to be around 3.0%, and the economy usually grows at a faster than average rate following a recession. Given that the economy is growing below its potential and that inflation remains tame, the Fed’s expectation that monetary policy will remain very stimulative for a long time is understandable.

CALL PAM PARTON 760-580-1615     OR                     JOANNA WOOLLEY 760-580-1630

We would love  to help you with your home sale or purchase in North County San Diego, give us  a call at any time so we can help you get the process started!

Content Courtesy of John Yeager, Summit Mortagage

If you’ve been thinking about buying a new home, winter is the time to start getting serious. Here are a few reasons to brave the cooler weather and go on a house hunt:

The winter season has fewer units on the market, and sellers tend to need to move from their property. You can use that to your advantage to get a favorable deal.

Winter has fewer buyers in the market. Looking for a home in the winter can be inconvenient, and people are less likely to move. Families also tend to be on a September to June cycle because they are unwilling to move their children to a new town in the middle of the school year. Fewer buyers means less competition.

Lenders usually have fewer loans to process and less paperwork to deal with. With lenders less hassled, you might be able to  expect a smoother process to get approved for a mortgage.

Finally, as all savvy shoppers know after the holiday season comes the season of bargain opportunities. This includes houses as well!!

So go out and brave the weather, rain or sun and find that home you’ve been looking for. NOW IS THE TIME TO BUY.

For a complete list of all the latest short sales, foreclosures and standard sales call: PAM or JOANNA .

PAM PARTON: 760-580-1615                       JOANNA WOOLLEY: 760-580-1630

GOOD NEWS…THE ANSWER IS YES!

  This is such an important question to ask yourself if you are going through a Short Sale.
So many people feel that they will never recover from this type of hardship.  Not to worry, there is hope!

FHA Guideline:

• If the borrower/homeowner has a short sale and they are current on their payments prior to the short sale then they are still eligible for FHA financing subject to underwriter discretion.
• If they are in default at the time of the short sale, then they must wait 3 years, exceptions can be made for extenuating circumstances.  These only apply to FHA and VA loans, when it comes to the rules for an exception.  Extenuationg circumstances are nonrecurring events that are beyond the borrowers control that resutl in a sudden, significant, and prolonged reduction in inclome or a catastrophic increase in financial obligations.
• After 3 yrs: Max LTV 96.5%

Conventional:

•  If the borrower / homeowner had a short sale they must wait a minimum of 2 years to repurchase
• After 2 years: max LTV 80%
• After 4 years: max LTV 90%
• After 7 years: max LTV is based on product

VA

• If the borrower / homeowner had a short sale they must wait a minimum of 2 years to repurchase
• After 3 years: max LTV 100% upon VA eligibility

If you or any one you know is in need of more information regarding Short Sales, please contact us right away.  We are certified SFR, Short Sale Foreclosure Resource and have had 100% success helping our clients navigate through the short sale process.  We can help you too.

Pam Parton & Joanna Woolley
760-580-1615 or 760-580-1630

NOW is the time to buy Real Estate, Don’t wait till its too late!

If you have any questions about the current market and the value of your home, or if you are interested in purchasing a home in the future, feel free to contact us anytime at

Pam Parton and Joanna Woolley
760-580-1615 or 760-580-1630

Why Real Estate is still AMERICA’S BEST INVESTMENT

The latest headlines tell us the economy fluctuates from recovery to ruin on a weekly basis. In reality, real estate is cyclical, and the market is on its way to recovery in most areas. Although you may feel nervous about home ownership, property is still your best long – term investment.

In more than two thirds of the country, housing affordability has dipped to pre-housing bubble levels, creating opportunities for those looking for a bargain. Home prices are expected to rise in 2013 due to fewer distressed sales and the impending housing shortage.

Mortgage rates have decreased over the last fifty years to record lows. Due to the economic downturn,borrowers with stellar credit and a solid employment history are best able to secure financing right now. However, as conditions improve, the market will expand for borrowers who may not fit the mold of traditonal lending standards, such as the self employed.

A major advantage of homeownership is building equity. The average seller who purchased a home in 2002 gained 24% in equity, while those who purchased their homes 11 to 15 years ago had a median gain of 40%.

So in spite of all the negative news the press is brain washing us with IT IS STILL A GREAT TIME TO BUY A HOME!

For more information on great HOME  DEALS available in North County San Diego give us a call as  we would love to share this information with you.

PAM PARTON:  760-580-1630                             JOANNA WOOLLEY: 760-580-1615

Content courtesy of

Brian Buffini, Wall Street Jouranl and National Association of Realtors.

Great News For Home Owners Who Need To Sell Short

SB 458 Short Sale Law Effective Immediately in California

No Fee to Approve Short Sales and Short Sale Law Now Applies to Junior Loans

Governor Brown has signed Senate Bill 458 (Corbett) expanding anti-deficiency protection to all 1-4 residential mortgages or deeds of trust where the beneficiary consents to a short sale, whether a first deed of trust or a junior deed of trust. As an urgency bill, it became effective on July 15 when it was chaptered into law. The new law also limits the short sale anti-deficiency protections by excluding sales where the trustor is a limited partnership or LLC. Existing short sale law enacted in 2010 already excluded corporations.

The new law expands on short sale anti-deficiency legislation passed last year. Senate Bill 931 (Ducheny) was enacted last year in response to concerns that borrowers could have greater liability after a short sale than after a foreclosure. SB 931 prohibited a lender from obtaining a deficiency judgment as to a first mortgage or deed of trust following a short sale. Since SB 931 only applied to first mortgages, homeowners with more than one mortgage could still be liable to a junior noteholder after the short sale. The new law addresses that issue.

For more details, you can visit the California State Senate website at http://senate.ca.gov

 The people of the State of California do enact as follows:

SECTION 1. Section 580e of the Code of Civil Procedure is amended to read:

580e. (a) (1) No deficiency shall be owed or collected, and no deficiency judgment shall be requested or rendered for any deficiency upon a note secured solely by a deed of trust or mortgage for a dwelling of not more than four units, in any case in which the trustor or mortgagor sells the dwelling for a sale price less than the remaining amount of the indebtedness outstanding at the time of sale, in accordance with the written consent of the holder of the deed of trust or mortgage, provided that both of the following have occurred:

(A) Title has been voluntarily transferred to a buyer by grant deed or by other document of conveyance that has been recorded in the county where all or part of the real property is located.

(B) The proceeds of the sale have been tendered to the mortgagee, beneficiary, or the agent of the mortgagee or beneficiary, in accordance with the parties’ agreement.

(2) In circumstances not described in paragraph (1), when a note is not secured solely by a deed of trust or mortgage for a dwelling of not more than four units, no judgment shall be rendered for any deficiency upon a note secured by a deed of trust or mortgage for a dwelling of not more than four units, if the trustor or mortgagor sells the dwelling for a sale price less than the remaining amount of the indebtedness outstanding at the time of sale, in accordance with the written consent of the holder of the deed of trust or mortgage. Following the sale, in accordance with the holder’s written consent, the voluntary transfer of title to a buyer by grant deed or by other document of conveyance recorded in the county where all or part of the real property is located, and the tender to the mortgagee, beneficiary, or the agent of the mortgagee or beneficiary of the sale proceeds, as agreed, the rights, remedies, and obligations of any holder, beneficiary, mortgagee, trustor, mortgagor, obligor, obligee, or guarantor of the note, deed of trust, or mortgage, and with respect to any other property that secures the note, shall be treated and determined as if the dwelling had been sold through foreclosure under a power of sale contained in the deed of trust or mortgage for a price equal to the sale proceeds received by the holder, in the manner contemplated by Section 580d.

(b) A holder of a note shall not require the trustor, mortgagor, or maker of the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.

(c) If the trustor or mortgagor commits either fraud with respect to the sale of, or waste with respect to, the real property that secures the deed of trust or mortgage, this section shall not limit the ability of the holder of the deed of trust or mortgage to seek damages and use existing rights and remedies against the trustor or mortgagor or any third party for fraud or waste.

(d) (1) This section shall not apply if the trustor or mortgagor is a corporation, limited liability company, limited partnership, or political subdivision of the state.

(2) This section shall not apply to any deed of trust, mortgage, or other lien given to secure the payment of bonds or other evidence of indebtedness authorized, or permitted to be issued, by the Commissioner of Corporations, or that is made by a public utility subject to the Public Utilities Act (Part 1 (commencing with Section 201) of Division 1 of the Public Utilities Code).

(e) Any purported waiver of subdivision (a) or (b) shall be void and against public policy.

SEC. 2. This act is an urgency statute necessary for the immediate preservation of the public peace, health, or safety within the meaning of Article IV of the Constitution and shall go into immediate effect. The facts constituting the necessity are:

In order to mitigate the impact of the ongoing foreclosure crisis and to encourage the approval of short sales as an alternative to foreclosure, it is necessary that this act take effect immediately.

If you, or someone you know has been considering the short sale of a property they own, contact us right away to discuss the options that are available. 

We are your certified, Short Sale Foreclosure Resource, we are here to help!

Pam Parton & Joanna Woolley
760-580-1615 or 760-580-1630

Article courtesy of Brian Olenik, Corenthian Title

Check them out for yourself! Open House this Sunday, June 5th in Valley Center

Need something to do this Sunday? Mix up your weekend routine and browse two open homes in Valley Center from 1-4pm. Both are stunning homes with awe-worthy upgrades; now’s your chance to see these properties for yourself!

A large family-friendly home in a safe gated community, 28453 Almona Way, Valley Center is a unique and luxurious property. Magnificent custom nine foot leaded glass hardwood doors lead to a welcoming formal entry, boasting the beginnings of Versailles Travertine and distressed Walnut hardwood flooring all throughout the house. A great room with 22ft ceilings and three sets of French doors also provide panoramic views of surrounding mountains.

28453 Almona Way, Valley Center,CA

The kitchen is a work of art, with solid butcher block slab granite countertops, a 6 burner range with a grill, double ovens, TWO dishwashers (!), and a side by side refrigerator. Impressive and cozy, this home also includes a breakfast nook framed by French doors leading to a lush garden. This five bedroom, six bath home was built in 2005. Head up the iron and oak staircase to the second story, aka the master bedroom. Feel right at home with a private view balcony, large closet, and an impressive master bath. The double travertine vanities and oversized spa tub provide plenty of space for homeowners to unwind after a long day.

The three fireplaces throughout really make this house a home. An energy efficient home with automatic irrigation, 4 zoning heating and a/c, and septic installed, this is a beautiful turn key property! Sitting upon 2.81 acres, the 50 orange trees and lush landscape surrounding 28453 Almona Way are just icing on the cake.

 For those searching for peace and tranquility, look no further than 30618 Falling Star Circle. A ranch style home built in 2002, this four bedroom three bath property has a large, open floorplan. A beautiful oversized gourmet kitchen will bring out the chef in you! With vaulted ceilings, plenty of light, a center island and spacious walk in pantry, this kitchen is great for spending relaxing weekends with friends and family. Let your worries melt away while dining in the breakfast area, with stunning views of nearby mountain ranges as your backdrop.

30618 Falling Star Circle, Valley Center, CA 92082

 Feel at home in the private master wing, complete with a gorgeous master bath. French doors lead to a private garden patio, perfect for enjoying picturesque summer sunsets. Two fireplaces in the family room and master bedroom also provide comfort and ambiance. This meticulously maintained home is located on 2.10 acres and a fenced backyard, suitable for horses or simply a pool and spa. With a four car garage and room for an RV or boat, 30618 Falling Star Circle is a must see in Valley Center.

CALL PAM OR JOANNA AT ANY TIME FOR MORE INFORMATION ON HOMES IN VALLEY CENTER.

PAM:  760-580-1615                                      JOANNA:    760-580-1630

USDA Rural Housing Loan Program Available For Hidden Meadows

Peaceful Golf Course Views

Now it can be easier than ever to purchase this charming Golf Course home located in the coveted Hidden Meadows Community. 

There is a little known  government loan program called USDA Rural Housing loan program that helps eligible home buyers purchase homes in rural areas with

• NO MONEY DOWN
• NO PRIVATE MORTGAGE INSURANCE REQUIRED
• SELLER CAN PAY UP TO 6% IN CLOSING COSTS

We have recently discovered that this property at 10973 Meadow Glen Way in Hidden Meadows, qualifies for this USDA Rural Housing Loan program.

For more information and to see if you or someone you know might qualify for this very special loan program click here

 If you know of anyone that has thinking about buying a home, but thought that they were not quite ready yet, give us a call, lets talk to see if this would work for them.

Pam Parton & Joanna Woolley
760-580-1615 or 760-580-1630

Gorgeous Custom Valley Center Home

28453 ALMONA WAY, VALLEY CENTER, CA 92082

This gorgeous estate offers the highest quality of upgrades you could wish for.The breath taking kitchen will bring out the chef in most everyone!With stunning custom cabinetry, granite and solid butcher block counters opening to inviting family rm & wet bar.Walnut and Versialles Travertine flooring throughout.Spacious Master Retreat with private balcony for a special romantic evening. This unique property is one not to be missed, it has everything you could ever wish for in a home – truly a work of art.

Dream Chefs Kitchen

Pool and Spa Ready for Lounging

Built in the 50’s, this two story home is conveniently located near schools, shops, the beach, and the 75 and 5 freeways. A spacious home with an bright and airy floor plan feel, this home boasts 3 bedrooms and 2 full baths, with hardwood floors. Sliding doors on the first floor lead to the fully-fenced backyard with an inground heated pool and spa with deep blue tile details.

937 Imperial Beach Blvd, CA 91932

Feel Free to Call Pam or Joanna at any time for more information on this great investment property.

Pam Parton   760-580-1615          Joanna Woolley 760-580-1630