San Diego County Home Prices Up For 12 Straight Months according to last Wednesdays  San Diego Union Tribune coverage in the Business section, only San Francisco’s market rose more. This is in keeping with history of price points over the years. San Francisco always seems to lead the way in prices. This being our observation over many years and not addressed in the article.

California will continue bumping along and doing fine while the rest of the nation will have its’ ups and downs. The rest of the country is not a direct indicator of our prices. That is something I have learned over the years and this article certainly takes nothing away from that feeling or conclusion. If you would like to see results in your particular zip codes of interest, email them to me at rob@robdennyhomes.com. I’ll get you a comparison going back 12 months or more!

Seven Things All Borrowers Should Know About FHA Loans as talked about by FHA Pros, LLC, a national FHA condo approval service, has developed a list of facts speaking to the top misconceptions associated with FHA loans in order to help home buyers better navigate an already confusing market. FHA loans are mortgages issued by qualified lenders and insured by the Federal Housing Administration (FHA).

1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation.

2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case.

3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county.

4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.

6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.

7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) may be transferred to the new buyer subject to qualification.

Will you use FHA financing to purchase your home? Do you have more questions about FHA? Contact Rob Denny today at rob@robdennyhomes.com or visit my website www.robdennyhomes.com.

1. Thirty places nationwide have “liberty” in their name.

2. Eleven places have “independence” in their name.

3. Five places adopted the name “freedom.”

4. There is one place named “patriot” — Patriot, Indiana.

5. There are five places called America.

6. There’s a 1-in-6 chance the beef on your backyard grill came from Texas. The Lone Star State is the leader in the production of cattle and calves.

7. The Lettuce in your salad or on your hamburger probably was grown in California, which accounts for nearly three-quarters of USA lettuce production.

8. The value of fireworks imported from China is $128.8 million, representing the bulk of all U.S. fireworks imports ($135.6 million).

9. “The British are coming! The British are coming!” These days, this cry applies to tourists rather than “redcoats.” Nearly 5 million tourists from the UK visited the United States in a recent year, more than from any other country except Japan.

10. The dollar volume of trade last year between the United States and the United Kingdom was $74 billion, making the U.K. our sixth-leading trading partner today.

Have a Happy, fun and safe 4th of July!

Any Good News Regarding Short Sales?  Just a year ago, when pre-foreclosure and foreclosure properties were entering the market in unimaginable numbers, many real estate agents were estimating six to 10 months at best to complete a short sale. Now, some are beginning to see closings in as few as 10 weeks. That’s good news for sellers, the housing market and the U.S. economy.

The improvement is a product of a few key developments creating momentum in the lending industry. First, banks are starting to adjust to the market and becoming more proactive in creating systems and solutions for homeowners in distress. Second, and arguably more important, the U.S. Treasury has enhanced the guidelines and incentives for banks that are committed to improving the loan modification and short sale processes.

The Home Affordable Foreclosure Alternatives (HAFA) program, announced in November 2009 and fully implemented April 5, is the government’s answer to the problem. It’s a supplement to the February 2009 Home Affordable Modification Program (HAMP) that outlines a separate set of criteria for short sales or deeds-in-lieu to address the group of homeowners who are facing foreclosure because loan modification hasn’t worked out.

HAFA provides that missing next step for homeowners who are not approved for modifications. Now, they can pursue a short sale in a more timely and orderly manner. Here are some of the ways the HAFA program is already improving the process (For more details on the program, you can visit realtor.org and search “HAFA”):

-Standardizes paperwork and timelines?-Requires lender response on an offer within 10 days?-Allows for preapproval on pricing of a short sale?-Eliminates deficiency judgments on first mortgages?-Offers $3,000 in relocation assistance?-Pays servicers $1,500 toward administrative costs

In today’s real estate market there are many, many ways to buy and sell residential real estate. Contact me at rob@robdennyhomes.com so we can discuss the best solution for you or search over 20,000 homes for sale at http://robdennyhomes.com.

Del Mar Fair

Nothing more fun than going with the family or friends to the San Diego Fair running until July 5. People come from all over Southern California and Arizona to enjoy this great event. Rides, food, games, livestock and celebrity entertainment make for a great family outing. There is something for everyone. Make sure if you are new to Carlsbad, Encinitas, or Solana Beach that you enjoy this really fun event. Visiting the beach at Oceanside or Cardiff, then include this on your schedule as well. Let’s hope you are lucky enough to win a goldfish, a monstrous stuffed animal or to eat a deep fried Twinkie. Can life get any better? This is don’t miss fun! See you there.

Encinitas Classic Car Nights

The streets of Downtown Encinitas will be rockin’ and rollin’ when Encinitas Classic Car Nights come to Downtown Encinitas June through September.The third Thursday of each summer month from 5:30 to 7:30 pm, hot rods, foreign automobiles, classic cars and Woodies will line South Coast Highway 101 from “D” Street to “J” Street. Classic cars will be parked along Hwy 101 and on side streets. Come to Downtown Encinitas for the unbeatable combination of historic cars, historic Hwy 101 and experience a national award winning MainStreet. Live music will play in front of Encinitas Smog at 682 S. Coast Hwy 101.This will bring back memories. This event is easily accessible to all of Southern California. If you live in Cardiff, Del Mar, Solana Beach or Oceanside shame on you if you miss this fun event!

Balboa Park

Have you been to enjoy Balboa Park lately? Easily one of San Diego’s finest attractions and elements of pride. This beautiful Park is located 25 minutes from anywhere in Carlsbad, Encinitas, Oceanside and the other fine coastal communities.The park is loaded with interesting offerings. To list them all here would take a morning of typing on this blog and I’d would rather be at the park. This is a must see adventure. There is something for all interests. Museums, art and jewelry exhibits, model railroad action that is really impressive and more. The architecture and the park itself is something to behold. Treat your family and yourself to a great day. Visit Balboa Park.

Free Summer Concert Series

Cities throughout the County offer a free summer concert series including Carlsbad, Encinitas and Del Mar. Simply click on this link http://www.signonsandiego.com/feature/free-summer-concerts/

If you like what you’ve read, sign up for my monthly newsletter.  It includes updated local real estate market news, events (like above), exercise routines, recipes. Email me - rob@robdennyhomes.com to start receiving this free newsletter. Check the latest real estate charts and over 20,000 listings in San Diego County at http://robdennyhomes.com

That kitchen drawer

Take the pizza rolling, slicing thing and all those other items you bought for less than $5.99 that you just knew you’d always use and put them in a cardboard box. Whenever you use one of the items, put it back in the drawer. At the end of the month—with the exception of the turkey baster—you need to ask yourself if you will ever use whatever is left in the box.

The bedroom closet
We wear 20% of our clothes 80% of the time, which means the vast majority of your closet is filled with—you guessed it, clutter. Walsh suggests the ‘reverse clothes hanger trick.’ Take everything on a clothes hanger and turn it around back-to-front. For the next three to six months, every time you wear something, hang it back the correct way after you wash it. Whatever is still hanging back-to-front, ask yourself if you will ever really wear the item. The reverse clothes hanger trick is an efficient, non-traumatic way to see what you wear and what you don’t.

Your shoes
To understand how many shoes you have, you have to release them from captivity. Find the largest room or hallway in your house and line them up. Every pair of shoes you have. Then sort the shoes by type—running shoes, sensible pumps, sandals and so on. Then give yourself a ratio such as 10-to-1 (for every 10 you keep, get rid of one pair), 5-to-1 if you’re or even 3-to-1 if you’re a true pioneer.

The car
Get in the habit that whenever you gas up the car, in those two minutes you declutter and throw out any trash. In addition, get milk crate-size containers, and put them in the way back. Whenever the kids bring something into the car—sports gear, book bags, etc.—it goes in their crate. Be sure to use the crates whenever you go shopping too. When you arrive home, make sure nobody leaves the car empty-handed—everyone has to carry their crate into the house.

The garage
Divide your garage into clear zones: one area for gardening equipment, one area for holiday decorations, one area for luggage and one area for tools. Establishing zones is a functional way of keeping the place organized and the volume of stuff in control.

You may actually need a bigger home and/or a 3 car garage. I can can help you find what you want. Visit www.robdennyhomes.com or email me at rdennyhomes@gmail.com today.

“Relax…I’ll handle the details”

Last year at this time, the 30-year rate averaged 4.91 percent. Rates have not been lower since the week ending December 3, 2009, when it averaged 4.71 percent.

“These low rates will help to elevate home-buyer affordability and soften the effects of the sunset of the home-buyer tax credit,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The credit substantially propelled home sales, as reflected in the strength of the April existing and new home sales, which were up 7.6 percent and 14.8 percent, respectively.”

However, Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgages, said Stephen Stanley, chief economist at Pierpont Securities LLC. The evidence includes more consumers are paying their bills on time. Past-due accounts at American Express declined 34 percent compared to a year ago, and Target Corp. reported its lowest delinquency rate in two years during the second quarter. In another sign of economic improvement, fewer banks reported tightening lending standards this month, one reason consumer borrowing rose for the second time in three months. “If lending standards start to stabilize, that’ll be another reason to remove the emergency measures, including the zero rate,” said Jay Bryson, a senior global economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who formerly worked at the Fed in Washington.

How’s the market in North County San Diego? Go to my website http://RobDennyHomes.com and click on market trend charts. If you would like a detailed report for anywhere in San Diego County, please email me at RDennyHomes@gmail.com

Summer is around the corner which means it’s time for the annual Fiesta Del Sol’s two-day street and music festival held at Fletcher Cove in Solana Beach. This years event takes place June 5th and 6th. The Fiesta is celebrating its 31st year!

This well-attended events main highlights are: continuous live music and entertainment into the evening, Arts and Crafts, Merchant Booths, Children’s Activities, International Food Court, Beer and Wine Garden and Sponsor VIP Section.

2010 Music Lineup

Sat • June 5
7:45 Aggrolites  Fusion of reggae, soul and grit. Read more…
6:15 Balkan Beat Box  Funked up beats, compelling rhymes. Read more…
5:15 World Anthem A blend of soul, reggae and r&b. Read more…
4:15 Sol e Mar  is a world-class World/Beat Fusion dance band. Read more…
3:00 Rolling the Stones   ”The Real Deal.” Read more…
2:00 Lukas Nelson and Promise of the Real  Read more…
1:00 Hoi Polloi  Good-time rock-reggae-funk-soul band. Read more…
Noon Tower 7

Sun • June 6
7:15 B?Side Players  Latin flavored, future funk. Read more..
6:15 Stranger  Unique blend of soulful reggae roots, rock, jazz. Read more..
5:15 Timmy Curran  Unique guitar and vocal stylings. Read more…
4:00 Dick Dale  invented surf music in the 1950s. Read more…
3:00 Candye Kane  Candye’s shows are the stuff of legend. Read more…
2:00 Atomic Groove One of Belly Up’s hottest bands! Read more…
1:00 The New Archaic
Noon Ryan West

Community Performers

On Saturday and Sunday from 9am to noon the Fiesta Stage will feature performances by Boys and Girls Clubs Youth Arts Academy and Rock Band, Hammond Dance Students, Scripps Performance Dance Studio, Chase Morrin and the Latin Connection and Martial Arts. Lineup subject to change.

All ages are welcome each day from 9 a.m. to 5 p.m. Entertainment is FREE. FREE parking is available both days. Fletcher Cover is located directly across from the Solana Beach Train Station.