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Don’t Get Outbid When Trying To Purchase A Home In San Clemente

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Cinco de Mayo fiesta returns to San Clemente

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Mortgage Rates Drop To Record Lows

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Current Renters Will Be Future Buyers

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Is The Home You’re Buying In San Clemente Wasting Energy?

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Median Home Price Gain Strongest in 6 years

It seems like everyday there is more good news about the health of the housing market, and last week DSNews.com posted an article that adds to this sentiment.  The article in question, “Home Prices Show Strongest Gain in 6 Years: NAR,” highlights data released by the National Association of Realtors (NAR) showing the median home price nationally showed the largest increase when compared to year-ago numbers since January 2006, a six-year timeframe.  The median home price in April 2012 was $177,400, a 10.1% increase from April 2011′s median price of $161,100.  The article also shows that home sales rose from March to April, another excellent sign for the health of the housing market.  For people thinking of buying a house or condo in San Clemente, don’t wait too long or you may miss out on the rock bottom pricing.




FHA Loans in Default Reach Troubliung Levels

If you own a San Clemente home or San Clemente condo and financed the purchase of this house with an FHA-backed loan, stay on top of your monthly payments and avoid a recent trend that has been creeping up lately.  According to “FHA New Foreclosures Jump As Modified Loans Default,” an article from Bloomberg, the number of FHA-backed loans that entered foreclosure increased in March, a troubling sign that could lead to stricter lending standards from the FHA if this trend continues.  With the housing market showing excellent signs of recovery, tighter lending from an agency that backs loans from less-qualified borrowers and demands a smaller down payment (as low as 3.5% of the purchase price) would be very costly for the growth and recovery of the market.  FHA loans are an excellent tool for first-time homebuyers, so pay your mortgage on time if you want these excellent loans to remain available at the current terms.




State Run Mortgage Assistance

For current homeowners still struggling to make their monthly mortgage payments, the state of California is hoping to help by making changes to the “Keep Your Home California” mortgage assistance program.  An article in The Sacramento Bee, “California loosens requirements for mortgage aid,” highlights efforts by the state to change key aspects of the program so that more mortgage servicers will be enticed to participate.  The biggest change is happening to the Principal Reduction Program, which is designed to decrease the amount due on a mortgage by up to $100,000.  Mortgage servicers no longer have to match federal funds dollar for dollar; beginning next month, “Keep Your Home California” will fund the deduction up to the $100,000 limit.  We encourage anyone struggling with the mortgage on their San Clemente house or condo to read the article and contact their lender about the program.




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