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Lily Leung Presentation San Diego Conference_Feb_24_2012
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Lily Leung Presentation San Diego Conference_Feb_24_2012

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Lily Leung, Reporter, UT, San Diego

Lily Leung, Reporter, UT, San Diego
Mid Morning Presentation
Real Estate Educators' Conference
San Diego, Friday, February 24, 2012

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Lily Leung Presentation San Diego Conference_Feb_24_2012 Lily Leung Presentation San Diego Conference_Feb_24_2012 Presentation Transcript

  • California Community College Real Estate Educators’ Conference San Diego, February 24, 2012 Presenter: Lily Leung, Reporter, San Diego UT
  • Too little, too late?The plight of San Diego homeowners
  • What I’ve found• People want to stay in their homes.• There are programs to help them do that.• Those programs face challenges, limits.
  • Different kinds of hardship• Job loss.• Underemployment.• Divorce.• Medical condition.• Death in the family.• Other.
  • How many are struggling?• Mortgage defaults in San Diego County: 2009: 35,215 2010: 22,414 2011: 18,777• Foreclosures in San Diego County: 2009: 13,978 2010: 11,976 2011: 10,169 Source: DataQuick
  • Another measure of struggle • More than 1 in 3 homes with a mortgage in San Diego County are underwater. • Underwater database Source: DataQuick
  • Keep Your Home California• $2 billion.• 100,000 borrowers.• Hardest Hit Fund.• $7.6 billion to aid to 18 states and Washington, D.C.
  • What it promises• Provide mortgage aid to those who are unemployed.• Help people catch up on mortgage payments.• Relocate families after a short sale, deed-in- lieu.• Reduce principal.
  • The numbers
  • The people • Melanie and Lee Cole, 43 and 52. Both unemployed. • Adam Alotaibi, 29, unemployed. Veteran.
  • Challenges• Not all loan servicers are involved.• Not all are willing to do principal reductions.• HAMP results are disappointing.
  • What will success look like? ???
  • How to find me• Lily.Leung@utsandiego.com• Twitter: @LilyShumLeung• LilyShumLeung.com