Congress funding efforts to battle mortgage fraud. http://bit.ly/2HOC6F foreclosure foreclosurerelief

Amazing stop-motion animation. Worth watching it all the way through. http://ping.fm/XduVT

Some sobering statistic about mortgage delinquencies in Q2 2009. http://ping.fm/Qf7sw foreclosure foreclosureprevention

Existing home sales dip for first time in four months. Housing outlook not so rosy? http://ping.fm/a5mn9

Foreclosure mediation not working, as long as it is voluntary for banks.
http://ping.fm/lDv42 foreclosure

30 years fixed hit below 5% and causes applications to surge.
http://www.inman.com/news/2009/09/23/low-rates-spur-refi-applications

California Bar Association releases names of attorneys under investigation for loan modification fraud. http://ping.fm/bVlsF

California Bar Association release names of attorneys investigated for loan modifcation fraud.
http://ping.fm/7LBqU foreclosure

'Equity share' loans of up to $75K offered to help Silicon Valley homebuyers
http://ping.fm/khsC7

Fed slows $1.45 trillion program to aid housing market, keeps rates near zero
http://ping.fm/WUBUv foreclosure

Short Sales spread across real estate market. http://ping.fm/kFfjO foreclosure shortsale foreclosurerelief stopforeclosure

Europe's Real-Estate Firms Rebound http://bit.ly/156HF6

Condo developers say sales of downtown San Jose high-rises are picking up.
http://ping.fm/aOLFe

Plastic bag ban in San Jose by 2011
http://ping.fm/BtFXm

How stressful are debt collection calls from mortgage companies?
http://ping.fm/hse27 foreclosure foreclosurerelief

Santa Clara County Market Conditions August 2009
http://ping.fm/jXXi9

True. In Silicon Valley: $500K properties=multi-offers; over $1M properties, sellers willing to negotiate. http://ping.fm/ZSaAR

True. In Silicon Valley: $500K properties=multi-offers; over $1M properties, sellers willing to negotiations. http://ping.fm/ZSaAR

Please connect with me on facebook. http://bit.ly/vQ9Jq

U.S. home prices rise 0.3 percent in July http://ping.fm/pjxxV

RT @HousingWire: JPMorgan Sees Housing Recovery in Next 24 Months http://bit.ly/3tgtpQ foreclosure foreclosurerelief stopforeclosure

Asians hit worst by decline in housing market http://bit.ly/DRKqD foreclosure foreclosurerelief stopforeclosure

$30 Billion time bomb in the Bay Area set to go off.
http://ping.fm/FHw68 foreclosure optionARM

HVCC: good intentions gone bad and killing real estate deals. http://ping.fm/Aem2Q foreclosure stopforeclosure foreclosurerelief

Foreclosure and its implications are affecting all segments of society.
http://ping.fm/NUIF8
#foreclosure stopforeclosure

Two San Jose men accused of loan modification fraud

Click here for the story.

Two San Jose men with an office operating out of Campbell has been accused of bilking over $2 Million dollars from 500 homeowners throughout California promising them principal reductions on their loans.

Please do not pay up front fees to anyone claiming to be able to do loan modifications on your behalf.

Steve Mun, Silicon Valley Realtor
www.stevemungroup.com

$10,000 California Tax Credit prorgram ends

Click here for details.

The $10,000b California Tax Credit for new construction purchases is now officially over. Only the $8,000 Federal First Time Homebuyer Tax Credit is available. But the purchase of the property, or the escrow must be closed by November 31, 2009 to qualify.

Steve Mun, Silicon Valley Realtor
www.stevemungroup.com

Option ARM - the next mortgage meltdown

This is the ridiculous mortgage that people were offered during the crazy heydays of “anyone can get a mortgage” era of a few years back. Simply put, several payments options were given to the borrower, but the one that was selected most often was the low teaser rate option to pay less than the interest payments and have the deficiency tacked on the end mortgage; hence, the principal actually increases with time, rather than decrease! This was also referred to as the negative equity loan: your equity was actually decreasing rather than increasing. This was the Option Adjustable Rate Mortgage (ARM).

This was a pure gamble! You were gambling that the housing prices would continue to increase and you would be able to re-finance your way out of the negative equity situation some time in the future. Naturally, during 2006 or 2007, everyone was so drunk on the prospect of instant wealth, most of the borrowers who were presented this option took it, so they could buy a little more house than they would otherwise be able to afford. Unfortunately, the gamble did not pay off.

Throw 12% unemployment into the equation in California and see if this will not present itself as a serious crisis coming down the line. Every Certified Short Sale Agent worth his/her designation knows that the re-setting of these option ARMs will be the next wave of foreclosures.

Steve Mun, Silicon Valley Realtor
www.stevemungroup.com