Councilman Rudy Ramirez will host his Public Office Hours at 6:00 PM on Monday, February 6, 2012 at Thurgood Marshall Elementary School at 2295 MacKenzie  Creek Road, Chula Vista, CA 91914.

Councilman Ramirez will be discussing an alleged housing scam where foreclosed homes are being rented out by a company that does not own the properties.

“Everyone has a role in stopping this type of fraud,” Ramirez said, “The City needs to take a lead in the situation.  We need to understand and then act on it.”

For more information, please contact Councilman Ramirez by phone at 619.585.5717.

The economy in the U.S. expanded less than previously estimated in the third quarter, reflecting a drop in inventories that points to a pickup in growth as 2011 comes to a close.

Gross domestic product climbed at a 2 percent annual rate from July through September, less than projected and down from a 2.5 percent prior estimate, revised Commerce Department figures showed today in Washington. The median forecast of 81 economists surveyed by Bloomberg News called for no revision. Excluding stockpiles, so-called final sales climbed 3.6 percent, the most since last year’s fourth quarter.

The average interest rate on mortgages sold to the government-sponsored enterprises fell 20 basis points to 4.36% in October, the Federal Housing Finance Agency said.

The agency bases its average rates on conventional, 30-year, fixed-rate mortgage purchases of $417,000 or less.

NEW YORK (CNNMoney) — The number of banks at risk of failing fell in the third quarter, marking the second straight quarterly decline, according to a government report issued Tuesday.

Banks deemed troubled by the Federal Deposit Insurance Corp. dropped by 21 to 844, the agency said in its quarterly survey of the nation’s banks. The FDIC’s so-called problem bank list is comprised of the institutions considered most likely to fail, though few actually reach that point.

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President Obama signed into law a government spending bill Friday morning effectively reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013.

The House passed the minibus spending bill 298-121 Thursday afternoon, and the Senate approved it 70-30 Thursday night.

Effective Friday, FHA can insure loans up to $729,750 from $625,500 in the most expensive neighborhoods. In 2008, Congress elevated the limits for the FHA, Fannie Mae and Freddie Mac, but expired Oct. 1.

The Senate approved an amendment to the bill earlier in the month that would have reinstalled the limits for Fannie and Freddie as well. But a joint appropriations committee cut the government-sponsored enterprises out, leaving the FHA in.

By signing the bill, the Obama administration back-tracked somewhat from a white paper put out in February. The paper put forth three options for the housing finance system, precluded by the expiration of the higher conforming loan limits in order to begin ushering private capital back to the market.

FHA Acting Commissioner Carole Galante warned senators Thursday that the government should be looking to shrink the FHA market share.

“We maintain that it is appropriate to take a step back on the loan limits,” Galante said.

Rep. John Campbell, R-Calif., made the case on the House floor Thursday to reinstall the limits for Fannie and Freddie as well, citing concerns that the housing market is not healthy enough to be taken off the government lifeline.

“Even now, private lenders remain incredibly risk-averse, hesitating to provide long-term, fixed-rate mortgages to the vast majority of the market,” Campbell said. “Until Congress decides how to move forward with broad reform to fix our broken housing finance system, we should not dismantle the few remaining support systems that are preventing the housing industry from collapsing further.”

Sen. Bob Corker, R-Tenn., shook his head Thursday, clearly frustrated at the decision his colleagues made.

“The white paper and a bill are two very different things,” Corker said. “I am absolutely so discouraged at Congress in lacking the courage to deal with this issue that we all know needs to be dealt with.”

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The Chicago-based credit bureau calculates the mortgage delinquency rate as the percentage of borrowers 60 or more days behind on their payments, excluding those that are already in foreclosure. The rate increased to 5.88 percent as of the end of the third quarter.

TransUnion’s latest assessment follows a second-quarter report in which the company recorded the largest percentage drop in mortgage delinquencies since the end of the recession two years earlier. The Q2 delinquency reading was 5.82 percent.

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Home values fell in almost three- fourths of U.S. cities in the third quarter as a slowing economy deterred buyers.

The median price of a single-family home decreased from a year earlier in 111 metropolitan areas out of the 150 measured, the National Association of Realtors said in a report today. The biggest declines were in Allentown, Pennsylvania; Mobile, Alabama; and Phoenix, where the median price tumbled 18 percent. Prices in Salt Lake City dropped 15 percent.

As the financial crisis hit a high in Europe last week, here in the U.S. mortgage rates headed lower making another all time record. The potential of a Greek default held everyone’s attention even as some positive data was being released for the U.S. economy. By Friday, the results of this turmoil caused low mortgage rates to decrease even further. Freerateupdate.com’s survey of wholesale and direct lenders show that some mortgage rates declined from .125% to .500% bringing most of them once again to historical lows.

With all conforming mortgage rates decreasing by .125%, current 30 year fixed mortgage rates are at 3.750%, 15 year fixed mortgage rates are at 3.125% and 5/1 adjustable mortgage rates are at 2.500%. These are the lowest mortgage rates available to well qualified borrowers with 0.7 to 1% origination fee. These low mortgage rate levels are the best for borrowers who are looking at fixed mortgage rates that remain the same for the life of the loan. Every monthly mortgage payment, whether for 15 years or 30 years, remains the same. When mortgage rates hit these low prices, refinancing to a shorter term often results in an affordable monthly payment for a much shorter period of time.

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SOLD FOR: $460,000 on 10/18/2011

Enchanted circular drive way, Peaceful landscaping surrounds the private sparkling pool adjacent to the barbecue kingdom of all kingdoms, Formal entrance, with gorgeous hard wood flooring, enormous master bedroom with dual huge walk-in closets, movie featured of a kitchen with all of the amenities needed by the most discerning chef critic. Plus a detached granny flat perfect for all your needs.

List Price: $1,299,000
4 Bedroom
4 Bath
4,421 feet.