Category Archives: Real Estate

Cities with the biggest share of homeowners in danger of foreclosure

One group of homeowners continues to be behind on their mortgage payments. If that trend should continue, it could threaten the strength of certain real-estate markets across the country.

Many homeowners with mortgages backed by the Federal Housing Administration, or FHA, are delinquent on their homes, according to a new analysis from the American Enterprise Institute, a conservative think-tank based in Washington, D.C.

Around 14.7% of the 7.6 million FHA mortgages outstanding nationwide were delinquent as of May, up slightly from the previous month. Additionally, 10.5% of these loans were seriously delinquent, meaning they were 90 days or more past due and in danger of going into default.

These figures include loans that are in forbearance — at the start of the pandemic, federal regulators and lawmakers set up forbearance programs that allow homeowners to pause making mortgage payments. Those forbearance programs were extended again, allowing homeowners to make an initial request for payment relief until the end of September. Depending on when a homeowner made their first request, they can pause payments for anywhere from six to 18 months.

read more at: https://www.marketwatch.com/story/one-subset-of-homeowners-could-be-in-trouble-here-are-the-real-estate-markets-most-at-risk-11625591292

Calif Extends is Eviction Ban to September 30, 2021

Gov. Gavin Newsom recently extended the state’s eviction moratorium to Sept. 30. It was set to expire June 30. Now many Californians will have more time to find a place to live and financial assistance to pay off their rent.

San Diego County’s eviction ban is more strict than what the state has put in place: Landlords cannot evict tenants if they want to move back into their home, and evictions for “just cause” reasons are very limited. It also has a rent cap of 4 percent for current tenants. It expires in August.

The county’s eviction ban is being challenged in federal court but the judge in the case has not made a decision. The judge is expected to take up the case again in late July.

read more at: https://www.sandiegouniontribune.com/business/story/2021-07-03/san-diego-is-under-a-new-extended-eviction-ban-heres-what-it-means-for-renters-landlords

How to Strengthen Your Home Against Earthquakes

In the greater San Diego area, the Rose Canyon Fault runs through the heart of the city and along the ocean, presenting a major seismic hazard to the region. The San Diego area’s large population, coupled with the seismic vulnerability of its older homes, buildings and infrastructure systems, put the region at risk of significant damage from earthquakes.

Older homes, especially those built before 1980, are more susceptible to earthquake damage because they were constructed before modern seismic building codes were put in place. According to U.S. Census data, more than 53 percent of the housing units in San Diego County fall into that category of being built before 1980 and could be in need of retrofitting.

With a 99 percent chance of at least one major earthquake striking anywhere in California in the next 30 years, there has never been a better time to take action to strengthen your home against earthquake damage. As renowned seismologist Lucy Jones once said on CNN, “The earthquake is inevitable, but the disaster is not. The disaster is what the earthquake does to human structures. We change those human structures, we can eliminate the disaster.”

For many homeowners, the value of their property and the equity they have in it represent the lion’s share of their savings and retirement nest egg. A simple, relatively inexpensive seismic retrofit can significantly reduce the chances of an older home falling completely off its foundation — perhaps resulting in a total loss — even in a moderate earthquake.

One of the key self-help elements in strengthening your home is seismic retrofitting, a process which can be straightforward and often not as expensive as homeowners might think. Depending on the type of retrofit needed, the work can usually be done in a couple of days, with costs ranging from $3,000 to $7,000. And importantly, as we continue the practice of social distancing, homeowners can remain inside their dwelling as workers do the job without entering the residence.

Read more at: https://www.sandiegouniontribune.com/opinion/commentary/story/2021-06-24/opinion-how-to-strengthen-your-home-against-earthquakes