There is more and more evidence that our society is shifting from conventional mortgages to Government Insured mortgages, so for lenders there is a question whether they should become a FHA approved lender.

Look at the past activity. In July 2008, 29.1 percent of loan applications were for government issued loans. In just one year, the share of loans that are government issued has tripled. Since July 2007, we have seen an increase of 317 percent from conventional to FHA refinance applications, 260.8 percent conventional to FHA refinance endorsements, 133.9 percent applications for government-insured loans, and a 502 percent decrease in conventional loan applications.

Looking through more data it can be surmised that FHA is fast becoming the wave of the future for many wanting to purchase a new home. In January of 2007, FHA loans were only a mere 1% while Fannie Mae and Freddie Mac were at 60% for Lenders One. Scott Stern the CEO of Lenders One stated, “FHA is the fastest-growing product,” and went on to state that, “Now we are almost 48% conventional and 48% FHA.”

He believes that FHA is receiving more good publicity and the at the federal mortgage insurance program are helping with this new trend. The main reason the federal mortgage insurance program is aiding is that fees have not raised and they have not tightened their underwriting standards that we have recently seen with Fannie Mae, Freddie Mac and others.

In July 2008, Ginnie Mae reported 24.9 billion in fixed issuance whereas Freddie Mac was only at 20.3 billion. This is the first time in history that Ginnie Mae had been above Fannie Mae or Freddie Mac.

August is looking great as well for Ginnie Mae since they have issued 25.3 billion to date while Fannie Mae is at 24.0 billion and Freddie Mac is at 16.5 billion.

With this trend, more and more homeowners are searching for government issued loans for all kinds of reasons over conventional loans. Not only should lenders look into becoming FHA approved, but also more agents should be seeking these lenders to help homebuyers in search of their dream home.

News Alert: Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

This week, the State Legislature enacted foreclosure reform law to address the adverse effects of high foreclosure rates in California. The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default. It also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties. The new law also extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply. These requirements will remain in effect until January 1, 2013. The full text of Senate Bill 1137 (Perata) is available at www.leginfo.ca.gov

It is really too bad that it has taken our government so long to react to such a huge problem. I know they don’t want to take ownership of the Foreclosure Tsunami that we have all seen take place over the past few years but let’s face it if they had not allowed these Subprime deals to happen in the first place then we would not have this problem today!

Many San Diego Real Estate investors and first time home buyers are really starting to make some great deals on properties in the San Diego County Real Estate Market as they are in many markets around the country. I just feel sorry that so many people have gotten hit with such a huge problem and it has taken our so powerful government so long to react!

IMHO they are the true cause after all they are here to protect us correct.

Ok Folks,

This is important enough that i feel everyone needs to see this video! Also, you must ask yourself why and for whom?

Please feel free to post your comments as this will truly affect us all! STOP OBAMA - Read This!

If you have any doubt or concern about where Obama might lead us check this out. There was an article in yesterday mornings Investor Business Daily that said our Navy is a below or near World War I levels. We have 279 in our fleet today and in 1980 we were at 568. By 2010 China is projected to have 2 times as many submarines as we have. This should be of Major Concern to all!

IMHO opinion if we are to save our county we all need a major wake up call!

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The Mission Valley Real Estate market reported 20 Mission Valley Condos sold at a median price of $385,000 and 2.4% increase for the month!

San Diego’s North County Inland real estate market reported 445 North County Homes sold at a median price of $434,000 for the month!

San Diego’s East County reported 240 East County homes sold at a median price of $370,000 for the month!

The Valley Center Real Estate market reported 16 Valley Center homes sold at a median price of $649,000 and a 3.2% increase for the month!

Valley Center is country style community with typically larger lots and the possibility for Horses it does get a quite a bit warmer in the summer than San Diego Coastal communities. Valley Center is located about 15 miles inland and about 45 minutes north of Downtown San Diego.