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

1. California Community College Real
Estate Educators’ Conference
San Diego, February 24, 2012
Presenter: Lily Leung, Reporter,
San Diego UT

2. Too little, too late?
The plight of San Diego
homeowners

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. Different kinds of hardship
• Job loss.
• Underemployment.
• Divorce.
• Medical condition.
• Death in the family.
• Other.

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. Another measure of struggle
• More than 1 in 3
homes with a
mortgage in San
Diego County are
underwater.
• Underwater database
Source: DataQuick

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. 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. The numbers

10. The people
• Melanie and Lee Cole,
43 and 52. Both
unemployed.
• Adam Alotaibi, 29,
unemployed. Veteran.

11. Challenges
• Not all loan servicers are involved.
• Not all are willing to do principal reductions.
• HAMP results are disappointing.

12. What will success look like?
???

13. How to find me
• Lily.Leung@utsandiego.com
• Twitter: @LilyShumLeung
• LilyShumLeung.com