Foreclosure rate in San Diego has hit record low

Foreclosures in San Diego County have hit record lows, following a national trend of better fortunes for homeowners coming out of the Great Recession.

There were 2,744 foreclosure filings in 2019 in San Diego County, said Attom Data Solutions, which includes default notices, scheduled auctions and bank repossessions. That’s down from 3,390 in 2018 and 4,025 in 2017.

It is the lowest number of foreclosure filings for San Diego County in more than a decade, and a sharp contrast to the 49,125 foreclosure filings in 2009.

read more at: https://www.sandiegouniontribune.com/business/real-estate/story/2020-01-21/san-diego-foreclosures-near-14-year-low

Protect yourself and clients from real estate scams

The F.B.I. says real estate transactions are a growing target of wire fraud. Here are some ways to fight back.

Justin Rubinstein, a licensed associate real estate broker at Compass, was working with a buyer to close on a one-bedroom condo on the Williamsburg waterfront in June of 2016. As the deal was being finalized, the client received an email — ostensibly from his lawyer — providing specific instructions about where to wire a $213,500 down payment.

Within moments of sending the money, the client discovered that the wiring instructions had not been sent by his lawyer, but by a scammer, and that he was a victim of wire fraud. But the client got lucky. He alerted his bank immediately and was able to put a freeze on the account before the funds were transferred.

“The criminals operating the scam hacked into the attorney’s email, monitored their account, and closely followed their deals,” Mr. Rubinstein said. “When it came time to send a wire for the down payment, they intercepted the email and sent fraudulent wire instructions to the purchaser.”

Mortgage rate forecast for 2020: Experts predict low rates will last

The average 30-year fixed mortgage rate started 2019 at 4.68% and steadily declined before closing out the year at 3.93 percent. In 2020, rates are expected to remain mostly stable, not straying too much higher or lower from the 4% mark.

Here are responses from a range of experts predicting what will happen to mortgage rates in 2020.

Expect mortgage rates to remain low

Greg McBride, CFA, Bankrate chief financial analyst, predicts mortgage rates will stay relatively stable around 4% in 2020.

“The benchmark 30-year fixed rate mortgage will hopscotch back and forth over the 4% mark for much of 2020, remaining low enough to facilitate homebuying and providing ample refinancing opportunities on those trips below 4 percent,” he says.

Since the end of June 2019, interest rates for the 30-year fixed-rate mortgage have stayed south of the 4% mark. They hit their lowest point on Sept. 4, dropping to 3.74 percent, according to Bankrate data. These historically low rates have helped homeowners save money by refinancing and made it easier for folks to afford to buy a house.

read more at: https://www.bakersfield.com/ap/news/natalie-campisi-mortgage-rate-forecast-for-experts-predict-low-rates/article_e8d24523-a035-5686-9c25-fb91cc46de5e.html