Lily Leung Presentation San Diego Conference_Feb_24_2012

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

Published in: Education, Business, Sports
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Lily Leung Presentation San Diego Conference_Feb_24_2012

  1. 1. California Community College Real Estate Educators’ Conference San Diego, February 24, 2012 Presenter: Lily Leung, Reporter, San Diego UT
  2. 2. Too little, too late?The plight of San Diego homeowners
  3. 3. What I’ve found• People want to stay in their homes.• There are programs to help them do that.• Those programs face challenges, limits.
  4. 4. Different kinds of hardship• Job loss.• Underemployment.• Divorce.• Medical condition.• Death in the family.• Other.
  5. 5. 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
  6. 6. Another measure of struggle • More than 1 in 3 homes with a mortgage in San Diego County are underwater. • Underwater database Source: DataQuick
  7. 7. Keep Your Home California• $2 billion.• 100,000 borrowers.• Hardest Hit Fund.• $7.6 billion to aid to 18 states and Washington, D.C.
  8. 8. 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.
  9. 9. The numbers
  10. 10. The people • Melanie and Lee Cole, 43 and 52. Both unemployed. • Adam Alotaibi, 29, unemployed. Veteran.
  11. 11. Challenges• Not all loan servicers are involved.• Not all are willing to do principal reductions.• HAMP results are disappointing.
  12. 12. What will success look like? ???
  13. 13. How to find me• Lily.Leung@utsandiego.com• Twitter: @LilyShumLeung• LilyShumLeung.com

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