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Event: Children’s Book Festival

May 19
Posted by John A Silva in La Mesa, Local Events
Children’s Book Festival

Sunday is a great day to spend with the family.  So bring the family to A Children’s Book Festival in La Mesa on Sunday, May 20, 2012 10am-4pm, where you will meet lots of authors, learn to sketch cool characters with the illustrators that created them – that’s just a couple of the really cool things you can do at this totally kid/family based event focused on literacy, education, health and nutrition.

There will be two stages, an illustrator-directed sketching for kids, book signings, activity areas, and over 70 booths of authors, illustrators, storytellers, and more.

When: Sunday, May 20  10am-4pm

Where: In the La Mesa Plaza (8100 La Mesa Blvd.)

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Current Listing: 12734 La Vista Way, Poway

May 18
Posted by John A Silva in Current Listings, Homebuyers, Poway, Short Sale

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New Listing: 1301 Hodges Rd, Oceanside

May 17
Posted by John A Silva in Current Listings, Homebuyers, Oceanside, Real Estate Market

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Rates Continue to Fall Hitting New Lows Amid Economic Concerns

May 17
Posted by John A Silva in Housing News, Mortgage

Just when it seemed like rates could not fall any further, Freddie Mac reported fixed mortgage rates sunk even further for the week ending May 10.

The 30-year fixed-rate mortgage averaged 3.83 percent (0.7 point), down slightly from last week’s average of 3.84 percent. A year ago at this time, the 30-year was 4.63 percent.

The 15-year fixed also moved downward, ending at 3.05 percent (0.7 point) this week. Last week it averaged 3.07 percent, and last year at this time it was 3.82 percent.

The 5-year ARM dropped to 2.81 percent (0.5 point) compared to 2.85 percent last week and 3.41 percent a year ago at this time.

The 1-year ARM moved up to 2.73 percent (0.5 point). Last week the 1-year ARM averaged 2.70 percent and 3.11 percent a year ago…

Read the rest of DSNews.com’s article here: “Rates Continue to Fall Hitting New Lows Amid Economic Concerns”.

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Foreclosures Down to 69,000 in March, Inventory Also Down

May 15
Posted by John A Silva in Foreclosure, Housing News
“Year-over-year, the number of completed foreclosures decreased about 19 percent to 69,000 in March 2012 compared to 85,000 in March 2011, according to CoreLogic’s National Foreclosure Report for March. Month-over-month, with the number of completed foreclosures in February 2012 at 66,000, foreclosures increased about 4.5 percent in March 2012.
On a quarterly basis, foreclosures decreased to 198,000 in the first quarter of 2012 compared to 232,000 through the same quarter a year ago.
Overall, since the start of the financial crisis in September 2008, there have been approximately 3.5 million completed foreclosures.
In addition to the yearly and quarterly decreases in completed foreclosures, the number of loans in the foreclosure inventory decreased by nearly 6 percent, or 100,000, in March 2012 compared to the year before.
“Since the foreclosure inventory is also coming down, this suggests that loan modifications, short sales, deeds-in-lieu are increasingly being used as an alternative to foreclosures to clear distressed assets in our communities. This is what was envisioned with the recent National Foreclosure Settlement, and can often be a better outcome for both borrowers and investors,” said Anand Nallathambi, CEO of CoreLogic.
Out of all homes with a mortgage, approximately 1.4 million homes, or 3.4 percent were in the national foreclosure inventory as of March 2012 compared to 1.5 million, or 3.5 percent, the same month a year ago, and 1.4 million, or 3.4 percent, in the prior month of February.
Delinquencies are also down, with…”
Read the rest of this article by DSNews.com here: “Foreclosures Down to 69,000 in March, Inventory Also Down”.
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Happy Mom’s Day!

May 13
Posted by John A Silva in Interesting News

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Event: Chocolate Festrival

May 11
Posted by John A Silva in Local Events, San Diego
Chocolate Festival
Saturday, May 12, 10:00 am – 4:00 pm

Spend the Saturday before Mother’s Day at San Diego Botanic Garden’s famous Chocolate Festival. Enjoy dozens of delectable chocolate tastings, demonstrations, a chocolate fountain, and more. This family-friendly event also features lots of children’s activities and a variety of Mother’s Day gifts. “Tasting” tickets will be sold on site.

Cost: Free with admission or membership, plus tasting tickets as desired. More information is available on the Botanic Garden’s website here: www.sdbgarden.org/chocolate.htm

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Why should you get a 15-year mortgage?

May 10
Posted by John A Silva in Mortgage, Real Estate Advice & Tips
Benefits of 15-year mortgage hard to beat
Why those lured by smaller payments on 30-year loan should reconsider

By Jack Guttentag, Monday, April 30, 2012. Inman News®

The case for 15-year fixed-rate mortgages has never been stronger because, in the post-crisis market, the rate advantage over the 30-year has never been larger. The rate advantage is about 0.875 percent, whereas prior to the crisis, it was 0.375 percent to 0.5 percent.

Consider two $100,000 loans, one a 15-year at 3.125 percent and the other a 30-year at 4 percent. The respective payments are $696.61 and 477.42. After 15 years, the borrower with the 15-year loan has paid $39,454 more but is out of debt whereas the borrower with the 30-year loan still owes $64,543.

But there is a counterargument. A disciplined borrower can choose the 30-year loan and invest the difference in payment between the 30- and the 15-year loans, in that way offsetting the higher interest rate on the 30-year loan. Some financial planners recommend this approach to their clients as part of a program to build wealth faster.

The challenge in making such a program work is that the rate of return on the invested cash flow must exceed the rate on the 30-year loan by an amount that depends on how much higher the 30-year rate is than the 15-year rate…

Read the rest of this article by Jack Guttentag at Inman News here: “Benefits of 15-year mortgage hard to beat”.

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