Jeannie Thompson's Posterous

What's new downtown San Diego?  Check this out....Old Police Headquarters

Click here to read Gary's article in it's entirety.

San Diego has kept records of the number of foreclosures and Trust Deeds and Trust Sales since 1974.  And even though it appears, statistically speaking, the number of Notice of Defaults has been reduced, the next 90 days is critical in that it will reveal whether the pendulum is swinging back to “safety”, or are the banks about to deliver stored up foreclosures into the marketplace.

The number of “All Deeds” indicates our current market, good, bad or unchanged.  The number of NOD (Notice of Defaults) indicates the number of homes that our very close to foreclosure.  Those NOD’s that go to sale is the Trustee Deeds.

In 2009 there were a total of 38,300 approximate NOD’s filed.  That is an average of 3192 Notices filed each month during 2009.  In 2010 there was a total of 24,800 approximate filings.  The average is 2070 per month.  The result is an average of 1122 fewer filings per month in 2010 than 2009.  In January, 2011 there have been 2035 filings of Defaulted Loans.

Click here for the Foreclosure Forum, a statistical report from 1974 - present.

To everyone I wish you a very Happy Valentines Day.  Love is for everyone.  Whether you are married, or in a committed relationship, or hanging by yourself and just love a lot of people....it's for YOU.

Head to North Island (Coronado)  on 2/12/11, beginning at 9:00am to attend this FREE event for the entire family.  Parade over San Diego Bay, watch military aircraft from WWI to the present day Blue Angels, vintage car show, motorcycle jump, lots of entertainment and much more.

Contact Jeannie for information on What To Do In San Diego. 858 395 7727

It's Christmas Eve and my son and his wife move into their first home.  They turn on the heater...no heat.  It was working during the home inspection, but it decided to shut down.

Because his mother is a smart real estate agent, she bought them a Home Warranty (a home protecton plan) during the escrow period.  It saved their life...well, at least their cold feet.  They called the Home Warranty company, and within 1 hour someone was there to fix the heater.

So, how do you evaluate a good home warranty when buying a home?

For homeowners covered by the ideal home warranty, or home protection plan, this is just how it works.  Warranties protect buyers or sellers from problems that pop up either after closing on a property or during the marketing period.  Home buyers can purchase a one-year warranty to cover a single-family home or condominium.  And policies are usually renewable.  Seller warranties tend to have more limitations, and coverage is purchased by the day rather than annually.  Sounds straightforward enough, but there can be a catch or two: Not every warranty provides the same protection and not all warranty companies are equal.

How can you evaluate a home protection plan?

Comparison shop and pay close attention to coverage.  For instance, some warranties may cover a hot water heater that functions on the day of closing, then seizes up six months later.  But if the water heater was not in good working order when the home was purchased, and it breaks a couple of weeks later, it may not be covered by another policy.

Complicated?

It can be.  Even though the language in the warranty spells out what's covered, it isn't always the easiest document to understand.  Thus, you may want to have your attorney decipher the contract.  It may be worth the hour or so in legal fees.

The Council of Better Business Bureaus (www.bbb.org) recommends contacting them for a reliability report on the warranty company under consideration.  They also encourage waranty shoppers to call the company and inquire as to who performs repairs.  Some companies use a network of contractors; others allow you to choose your own contractor to perform the work.

Along with these suggestions, make sure the warranty company is financially sound.  In many states, warranty companies can do business without having the funds to back up their policies.  Therefore, consider having your accountant investigate the company's financials.

Warranties can be critically important when it comes to new construction too.  Obviously, the builder's reputation is an important consideration, because problems with new homes can be enormously expensive if not covered by a warranty.

Two types of defects - patent and latent - can affect new homes.  Patent problems are visible to the eye, such as cracked plaster or a fence that's off-kilter.  More expensive to correct than patent problems, latent defects develop later and may not become evident for some months,  Ground shifting is an example.  Consequently, the warranty for a new home can be one of the most important documents executed during the buying process.

Once you've purchased a warranty, document all incidents relating to an appliance or system breakdown and your dealings with the warranty company.  No matter how winning the company may be, it's always smart to leave a paper trail.

So whether you're purchasing a new home or a resale, remember that warranties definitely have a place when it comes to protection and peace of mind in the real estate transaction.

For a search of new, foreclosures and short sale properties, visit http://TheRealEstateCat.com

If you are looking for a complete facility including, swimming, fitness (including group exercise and martial arts), ice skating, skate park, rock wall climbing, club sports (including basketball, soccer, volleyball, football, chess) and weight machines, Joan Croc's Salvation Army Rec Center is your place.  It includes something just for the kids, dance...hip hop, tap, ballet, theatre and more.  All this at very affordable prices.  Located at 6845 University Avenue, San Diego, CA 92115.

Another great choice across town is the La Jolla Rec Center located at 615 Prospect Ave., La Jolla, CA 92037.  It's located just 1 block from the beautiful La Jolla Cove and the children's Pool.  As part of the San Diego Park and Rec program, La Jolla Rec Center offers classes for adults and children.  A very family oriented center with a wide variety of activities for the community.  Another great feature about this rec center is....it's located adjacent to the La Jolla Tennis Club where for a small yearly fee you can play recreational or club tennis at all levels.  Also, on the same grounds, you can join in on a pick up basketball game with the likes of Bill Walton.  

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As you peruse the real estate ads searching for your dream home, you have undoubtedly come across many ads touting that there are no "Mello-Roos" in connection with that particular property. But what exactly does that mean?

HISTORY OF MELLO-ROOS

     In 1978, California enacted Proposition 13, which limited many local public agencies' ability to finance new infrastructure projects. Before Proposition 13, state and local governments used income from property taxes to build new roads, schools and other necessary community facilities in order to continue growing residential areas. In order to create another way for such projects to be financed, Senator Henry J. Mello and former Assemblyman Michael Roos won passage of the Mello-Roos Community Facilities Act in 1982, which allowed for the creation of Mello-Roos Community Facilities Districts as a way to assist cities, counties and school districts with new infrastructure by imposing a special tax on real property owners within the Districts.

WHAT ARE MELLO-ROOS TAXES USED FOR?

     The taxes may be used for both services and facilities. Services may include police protection, fire protection, ambulance and paramedic services, recreation program services, library services, and operation and maintenance of parks, parkways and open space. Facilities which may be financed include parks, recreation facilities, elementary and secondary school site and structure, libraries, child-care facilities, natural gas pipeline facilities, telephone and cable television lines, streets, sidewalks and sewers.

HOW MUCH ARE MELLO-ROOS TAXES?

     Though the amount may vary from year to year, it will not exceed the maximum amount specified when the district was created. In the case of a new home within a subdivision, the maximum amount of tax will be specified in the public report. The "Resolution of Formation" must specify the rate, method of apportionment, and manner of collection of the special tax.

DOES AN INCREASE IN PROPERTY VALUE AFFECT MELLO-ROOS?

     Mello-Roos taxes are assessed against the land, they are not based upon the value of the home, therefore, an increase in property value does not increase the amount of tax.

ARE ALL NEW-HOME COMMUNITIES SUBJECT TO MELLO-ROOS?

     No. For example, sometimes a new neighborhood is built within an existing community. As public facilities are already in place, the properties are not subject to Mello-Roos taxes.

     In order to avoid unplanned financial outlays, be sure to ask your real estate agent to explain all the taxes and fees associated with any property you are considering in your pursuit of the American Dream of homeownership.

For more information on Mello-roos...CLICK HERE