MORTGAGE INTEREST RATES DOWN YET AGAIN
Just when you think that interest rates for mortgages have gone as low as possible, they drop a bit lower.
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BUYERS LOOKING FOR SMALLER HOMES
I am sure that we've all seen (and possibly made fun of) those very large, usually grandiose homes that come as close to the edges of their
postage-stamp size lots as possible. Known as "McMansions", they seem to be finally falling a bit out of favor.
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SO YOU'RE LISTING YOUR HOME FOR SALE....HERE ARE SOME PREPARATION TIPS
Even before you've signed the listing agreement, you can start preparing your home to be shown to prospective buyers. Here are
some tips for the first phase of preparation.
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ECONOMIST GIVES OPINION ABOUT FUTURE OF THE HOUSING MARKET
Everyone seems to be wondering just how much longer is this dismal economy and sluggish housing market going to last, and when are things going to start looking up.
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MORTGAGE BROKERS & LENDERS TO GIVE REALISTIC ESTIMATE OF CLOSING COSTS
Prior to this past January 1, mortgage brokers and lenders were not penalized for giving prospective borrowers low-ball estimates of the amount they would pay in closing costs. As a result, lenders and brokers who were in competition for the borrowers' business often underestimated the amount of money needed to close escrow. Borrowers who were
inaccurately informed as to the amount of their closing costs would often have an extremely unpleasant surprise on closing day.
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POSSIBLE REASONS WHY YOUR HOME MAY NOT BE SELLING
Putting a home on the market that is priced too high is the main reason for it not selling. Once your home is listed, the majority of real estate agents and their clients will see your home within the first month. Should it be priced too high by as small an amount as five percent and
you remain firm on your asking price, you will see the showings, along with the potential buyers, disappear.
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LOCAL HOME SALES DOWN LAST MONTH AFTER END OF TAX INCENTIVES
Sales of homes were down this past month after buyers hurried to get their escrows closed before the June 30 deadline for the Federal Tax Credit. The closing deadline has now been moved to September 30, as there were some who had difficulty in getting their financing
in place, and there were so many short sales, which can take quite a bit longer to close than conventional sales.
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DON'T OVERPRICE YOUR HOME WHEN LISTING IT FOR SALE
Summer is often the absolute best time to put your home on the market. School is still out, and families are trying to buy their next home before school starts. Vacationers are here enjoying all that San Diego offers, and may
decided that this is where they want to have a home, be it a full-time residence or a place for a vacation getaway.
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THE SEARCH FOR THE BEST POSSIBLE MORTGAGE
Mortgage interest rates are still at historic lows, and there is stiff competition among lenders to try and get your business.
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THIS IS A GREAT TIME TO BUY YOUR VACATION HOME
Whether you're looking for a carefree condo, a beach cottage with lots of charm, a high rise residence with incredible views or a single-family home in San Diego, the time to buy is now. A number of market circumstances have come together that make it an ideal time to buy.
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SOME THOUGHTS ON GETTING YOUR HOME READY TO SELL
The way that you live in your home and the way that you market your home are two very different things.
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SAN DIEGO COUNTY EXPERIENCING POPULATION GROWTH
In a recent report by the San Diego Association of Governments, it was projected that, in the coming twenty years, San Diego County will become home to more than 700,000 new residents. This is an increase of over 30,000 people yearly. Using these
figures, it can be predicted that over ten thousand new households will be created each year.
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SOME ITEMS THAT FIRST TIME BUYERS MAY NEED FOR THEIR NEW HOME
Once the escrow is closed, many first-time buyers are faced with the somewhat urgent need to furnish it. If they
have been apartment-dwellers or living with their parents, they may not quite know where to start.
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SOME TIPS ON CREATING YOUR OUTDOOR KITCHEN
If you are getting ready to make use of your outdoor area by creating an outdoor kitchen, here are some suggestions that you may want to consider.
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WHY LENDERS TURN DOWN SOME WHO APPLY FOR MORTGAGES
The world of lending has seen some drastic changes during the past few years. Approximately 75 percent of banks that had taken part in a survey by the Federal Reserve noted that they had significantly constricted their requirements for mortgages. This number is an increase from the 60 percent from the
preceding survey. This has resulted in the turning down of many applicants for real estate mortgages.
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SALES OF PENDING HOMES DOWN
Nationwide, pending home sales (those under contract but have not yet closed escrow) were down 2.6 % this past June from the
preceding month. When compared with June of last year, they are down by nearly 19 %.
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THIS IS A GREAT TIME TO PURCHASE YOUR HOME
As there are signs of stabilization of the economy and the price of homes appears to be holding steady, this may be one of the absolute best times to purchase a home that has been seen in decades.
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A NEW LOW FOR MORTGAGE INTEREST RATES
A new study by Freddie Mac shows that the interest rates for mortgages are once again down to historic low levels as of this past week.
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TAX INCENTIVES FOR BUYERS MAY BE GONE, BUT OPPORTUNITIES ARE STILL HERE
While the Tax Incentives for Home Purchasers provided an important boost to the housing industry, they no longer exist. However, it is still an exceptionally good time to purchase a home.
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IN SEVERAL SAN DIEGO ZIP CODES, BUYERS ARE PAYING MORE THAN ASKING PRICE
Quite often, a zip code can bring a certain cachet to a house or, in some cases, actually decrease or increase its value.
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A QUICK LOOK AT HIGH END HOMES IN THE COASTAL AREAS OF SAN DIEGO
There has been a recent uptick in the sale of higher-end homes; however, there
are a few trends that are now obvious in the present real estate market. These trends effect pricing, as well as sales.
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PATIO/BACK YARD SPACES ARE BECOMING THE SOCIAL CENTER OF THE HOME
As the kitchen inside the house is a get-together place for friends and family, the kitchen out back is now beginning to be the new social center. This development
is especially popular in places that have a milder climate that allows for the nearly year around use of outdoor living areas.
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FORECLOSURE NUMBERS DROP IN SAN DIEGO
The number of homes in San Diego County that are heading towards foreclosure was down by 44.7 % during the second quarter of 2010 as contrasted with the same
timeframe last year. This information was announced by a local real estate data gathering company.
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MORTGAGE INTEREST RATES DROP A BIT AGAIN
Incredibly low mortgage interest rates just seem to be getting even lower. This may offer some hope for a rebound of the housing market, which is experiencing some
letdowns following the expiration of the much-used Federal Home Purchaser Tax Credits on April 30.
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THE SHADOW INVENTORY
The so-called "Shadow Inventory" refers to the number of houses whose owners are either delinquent in making their
payments (sixty days late), those who are in default and are on their way to foreclosure, and those who are at risk of becoming delinquent.
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SALES UP FOR HOMES IN SAN DIEGO
Sales of homes in San Diego County were up by 5.2 % last month
over June of 2009. Also, prices were up by 6.8 % in the same June, 2009 through June 2010 time frame.
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FORECLOSURES FALL IN NORTH SAN DIEGO COUNTY
The northern area of San Diego County saw a rather dramatic drop in foreclosures during June of this year, down
to a level that has not appeared since 2008, when the State of California put a freeze on foreclosures.
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WHAT BUYERS WANT IN THEIR NEW AND NEWER HOMES
Purchasers of new or newer homes seem to want houses that are quite a bit smaller than the so-called McMansions of a few years
ago. They are willing to go for outdoor entertaining areas and comfortable family rooms rather than home
theatres and large wine cellars as their lifestyles are in the process of change, centering more on their family and friends.
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THE WEALTHY MAKE UP THE MAJORITY OF THOSE WHO DEFAULT ON MORTGAGES
Don't feel too badly for them, but the well heeled are saying goodbye to their lavish homes with the enormous master suites, spa tubs and outdoor kitchens.
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WALKING THE NEIGHBORHOOD
In addition to the usual things that buyers look for when purchasing a home, such as the location/area and the
school district, they are now interested in finding a home that has amenities, such as grocery stores, shops, restaurants and public transportation that are within easy walking distance from the property.
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JUNE LULL IN THE PRICE OF SAN DIEGO HOMES
The speedy increases in the price of homes in San Diego County during the past few months hit a bit of a lull in
June. The number of sales stayed fairly flat, but was much better than in the early months of this year.
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HOME BUILDING GETS BOOST FROM CAMP PENDLETONS DEVELOPMENT
Production of new homes in San Diego put it ahead of the rest of California during this past May. This may
be an indication that residential Real Estate is coming up off of its low point of last year.
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WHAT MEN AND WOMEN ARE LOOKING FOR IN A HOME
While both men and women tend to agree on the many of the features that they desire in a home, there is a bit of difference in the desirability of a few items.
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RENTAL FRAUD INCREASING
When people want to rent a home, they often start looking on the internet. As a word of warning, be very
careful when you are looking, as there are people out there who are looking to lure you into their dishonest schemes.
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SALES OF EXISTING HOMES INCREASE
Sales of existing homes were up again in May, with increases in the western and southern areas of the country. As noted by the National Assoc. of Realtors, these sales are expected to reach
over 5.65 million residences for 2010. This is nearly 19 % above levels for last year.
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ABOUT GETTING YOUR HOME READY TO SELL
Thinking of putting your home on the market? There are a few
easy things that you can do to make it welcoming and presentable to those prospective buyers.
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Real Estate Market After Federal Tax Credit Ends
It will be difficult to really judge the impact until the June statistics have been released because many buyers that were scheduled to close in April delayed
their escrow closing until after May 1st so they could take advantage of the California $10,000 tax credit.
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La Jolla Homes Sales Report for Country Club
Happy 4th of July everyone. Today's post will focus on home sales for the Country Club neighborhood in La Jolla. The list
includes all home sales for the area in 2010.
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CLARIFYING THE INFO ON THE HOUSING MARKET
Rumors abound that, as there has been a dramatic drop in sales of newly built homes, there is a strong possibility that
there may also be a drop in the general housing market.
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La Jolla Homes Sales Report for Bird Rock
Here is a continuation of the home sales report for
areas in La Jolla. Today we are focusing on
the La Jolla neighborhood Bird Rock.
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MORTGAGE INTEREST RATES DOWN TO HISTORIC LOW
Interest rates for mortgages dropped this past week to the record low of 4.69% from the 4.75% rate of the preceding week, according to Freddie Mac. This rate is the lowest one since 1971. This drop should provide an
added incentive for home buyers to lock in the interest rate on the mortgage that they plan to use in purchasing a home.
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La Jolla Homes Sales Report
Throughout the next few weeks I will be posting 2010 home sales
statistics for La Jolla, by neighborhood. Today we are focusing on
the La Jolla neighborhood Beach-Barber Tract.
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FANNIE MAE CHANGES RULES FOR GETTING A LOAN
This past week, Fannie Mae announced that it is changing the rules for obtaining a loan. Now, a borrower will not be able to
obtain a loan for seven years if they had defaulted on a mortgage while they were able to continue making the payments.
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HOUSES APPRECIATING IN SAN DIEGO
San Diego is now running ahead of the larger metro areas in the country in the appreciation of home prices. The price
index for the County is higher by 10.8 % from March of 2009. This is the largest rise since the boom days of five years ago.
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HOUSING MARKET MATTERS
Harvard University's Joint Center for Housing Studies has released their "State of the Nation's Housing" report. This report indicates that with houses being more affordable for first time purchasers, along with government tax credits, resulted in more sales of existing houses during 2009. The study discovered as well that a record-high
amount of foreclosures are still adding stress to the housing market along with a huge number of home owners.
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MORTGAGE APPLICATIONS INCREASE
While home loan interest rates are staying extremely low, the interest among prospective home buyers in obtaining mortgages was up this past week. It is the first increase since a month ago.
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RESEARCHERS BELIEVE QUICK RECOVERY POSSIBLE
Despite the belief of some analysts that the economic recovery will be a drawn-out process, in San Francisco, Federal
Reserve Bank researchers say that they believe the recovery will be a rather speedy one.
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CALIFORNIA HOME PURCHASER TAX CREDIT DISAPPEARING
Prospective first time home purchasers who are hoping to get in on the California tax credit should get going.
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MANY OF THE HOMES SOLD IN MAY HAD BEEN FORECLOSURES DURING 2009
Nearly 30% of the homes that were sold this past May had been foreclosed upon during 2009. Although that percentage is approaching one-third
of all sales, it was the lowest since the time when a lower number was reached during November of 2007.
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HOME PRICES IN SAN DIEGO TAKE UPWARD BOUNCE
The price of homes in San Diego County, which were dropping dramatically last year, are presently taking an upward turn as bargain-seekers glom on to the great deals to
be had. Buyers in the high-end market are also taking advantage of the pleasing prices that are available.
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MORTGAGE INTEREST RATES DROP
Interest rates for thirty year fixed loans were down to their lowest point during the past week. These rates marked a low level for the year, and nearly hit the historic low.
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HOMES ARE BEING "FLIPPED" IN SAN DIEGO
No, house-flipping did not come to an end when the housing market bubble exploded. Yes, despite the current depressed market, there is money to be made in flipping houses by buying a foreclosed house, usually at auction.
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MORE HOME SALES ARE PENDING
There has been an increase in the number of pending home sales for three months in a row, due largely
to the recent Federal Tax Credit along with the availability of affordable housing.
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HOUSES APPRECIATING IN SAN DIEGO
San Diego is now running ahead of the larger metro areas in the country in the appreciation of home prices. The price index
for the County is higher by 10.8 % from March of 2009. This is the largest rise since the boom days of five years ago.
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DON'T PUT OFF BUYING THAT SHORT SALE OR BANK-OWNED HOME
Right now may be the best time to buy a home that is a short sale or is bank-owned, as it appears
that property values are going up and the number of foreclosures is going down.
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CAN CLOSINGS BEAT THE TAX INCENTIVE DEADLINE?
The Federal Home Purchaser Tax Incentive added nearly one million more home purchasers to the real estate market. This is aiding the trade-up market and has considerably enhanced the inventory circumstances. This has allowed the price of homes to stabilize sooner and has saved approximately nine hundred billion
dollars of home equity, which has let additional households avoid being "under water", thus avoiding foreclosure.
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FORECLOSURES AND DEFAULTS DOWN IN SAN DIEGO
Foreclosures and Default Notices were down a collective 21% from this past April to May in San Diego County. This is from information given by the County
Assessor's Office this past week. Prior to the month of May, foreclosures had been on the upswing for 3 consecutive months.
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SHOULD YOU BUY NOW OR WAIT?
Mortgage interest rates are very close to their lowest point in fifty years, which means that prospective home purchasers need to choose if they are going to buy now or wait to see if rates and/or home prices drop further as is predicted by some economists. However, other
economists predict that interest rates may well rise to as high as 5 ½ % during the latter portion of 2010.
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SAN DIEGO AREA SHOWS GROWTH OF JOBS
The unemployment rate in San Diego County dropped during this past April to the lowest number in a year with the hiring of new employees by the hotel, restaurant and construction businesses. Also figuring
into the number of new hires was the U.S. Census Bureau, which provided temporary jobs for several hundred workers.
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ROPE BARRIER BETWEEN LA JOLLA SEALS AND THE PUBLIC MAY BE DELAYED
Despite much pressure to do so, Mayor Jerry Sanders may not be issuing an emergency permit that would
enable the immediate installation of a rope barrier at the Children's Pool, as the City Attorney for San Diego does not recommend it.
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IT'S STILL A GREAT TIME TO BUY A HOME!
Despite the fact that the Federal Tax Credit for home buyers has expired and apparently will not be renewed, today may be the best time in recent history in which to buy a home. There are
still many opportunities for home purchasers, although they may not be available for very much longer.
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TIPS FOR THE FIRST TIME HOME BUYERS
Even if you missed out on the Federal Tax Incentive, those of you who live in California still have an opportunity to take advantage of the California Tax Credit for first time home purchasers which is $10,000. In
addition, there are many opportunities for finding bargains in the present real estate market and historically low interest rates.
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STARTS OF NEW HOMES WERE UP IN APRIL
Nationally, new home building starts were up by 5.8 percent this past April at a yearly rate of six hundred seventy-two thousand units. These figures
represent an increase of 40.9 percent over April of 2009, and single family home starts increased by 10.2 percent.
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HOW ARE THINGS IN LA JOLLA?
Regarding the Real Estate Market, La Jolla, which is a part of the greater San Diego market, is one of the most robustly improving areas in the country. During this past February, the San Diego area was the strongest market nationally. The average cost of a home in the
San Diego area was up by quite a bit during this past March, which is an indication that there is a market for homes in La Jolla.
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NUMBER OF HOME SALES DOWN IN SOUTHERN CALIFORNIA
Due to the fact that more houses with higher prices have come on the market, housing in San Diego became a bit less
affordable during the first three months of 2010.
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SAN DIEGO AFFORDABILITY INDEX DOWN
Due to the fact that more houses with higher prices have come on the market, housing in San Diego became a bit less
affordable during the first three months of 2010.
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PET PARADE IN LA JOLLA, TODAY!!
Parade your pet today in La Jolla. Pet lovers can bring their beloved creatures to the Second Annual Pet Parade & Festival. The
festival will raise money to benefit pet neutering, which greatly reduces the amount of unwanted pets in San Diego County. The event
will include a parade in downtown La Jolla as well as contests, lots of yummy food and a booth to adopt pets.
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PET PARADE IN LA JOLLA, TODAY!!
Parade your pet today in La Jolla. Pet lovers can bring their beloved creatures to the Second Annual Pet Parade & Festival. The
festival will raise money to benefit pet neutering, which greatly reduces the amount of unwanted pets in San Diego County. The event
will include a parade in downtown La Jolla as well as contests, lots of yummy food and a booth to adopt pets.
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SAGA OF LA JOLLA SEALS CONTINUES
At a meeting of the San Diego City Council on Monday evening, May 17, that brought in over five hundred people and that lasted over four hours, a plan which allows for the installation of a temporary rope barrier at the La Jolla
Children's Pool in order to keep the public a safe distance from the seals was approved by a vote of six to two.
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Median Prics of Home, Down in San Diego County
The price of homes in San Diego County dropped a bit from this past March to April, which may indicate some
stabilization of the local housing market.
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SEAL PUPPING BARRIER REMOVED
The rope that has been used during the seal pupping season, which began on December 15 and
ended on May 15, has been removed. This concluded the period of time that the area was off-limits to the public.
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REASONABLE HOME PRICES AND INTEREST RATES MAY AID MARKET
According to a recent survey, most of those who are thinking about purchasing or are actively searching for a home actually did not plan on being able to make use
of the recently expired Federal Tax Incentives for first time or repeat purchasers.
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TROLLEY EXTENSION TO UCSD AND UTC GAINS BACKING
The Board of the Metropolitan Transit System is backing Route #1 of three possible routes of the trolley extension to UCSD, Scripps Hospital and UTC Mall from the Trolley Center at Old Town.
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FANNIE MAE ALTERS REQUIREMENTS FOR OBTAINING AN ADJUSTABLE RATE MORTGAGE
There are now new requirements for obtaining an adjustable rate mortgage. Fannie Mae has changed the eligibility requirements in order to help borrowers avoid the often drastic increases in payments
as well as making sure that they are able to afford the payments after the original interest rate has adjusted.
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PRICE OF HOMES GOES HIGHER IN SAN DIEGO
The price of resale homes in San Diego County was up by 14.7 % during the first quarter of this year. The median price of a resale home has risen to just under $380,000. This makes the San Diego area one of ninety-one metropolitan areas out of one hundred fifty-two surveyed that showed an increase from the
first quarter of 2009. San Diego came in sixteenth in price appreciation and seventh in point of price.
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NUMBER OF DELINQUENT MORTGAGE PAYMENTS DOWN
Nationally, the number of delinquent mortgage payments was down during the first quarter of this year. This number has not gone down in over three years. The number of homeowners who were delinquent by two months came down from 6.89 % for the 4th quarter of 2009 to 6.77 %. This is a positive sign, despite the fact that the initial quarter number does represent
a considerable increase from the first quarter of 2009, when the rate of delinquent payments was 5.22 %.
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HOUSING PRICES UP IN SAN DIEGO
Nationally, San Diego County experienced the highest increase in the price of homes during this past March, despite
the fact that the price of homes in the country as a whole were down by nearly 4 %.
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AHH, FOR A BONFIRE ON THE BEACH!
I can remember sitting with friends on a summer night, chairs and blankets pulled up in a circle around a blazing
bonfire in La Jolla Shores. We talked, we laughed and simply enjoyed the setting and each other.
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POSSIBLE UCSD SCHOOL OF LAW ON HORIZON
This past January, the University of California San Diego and the California Western School of Law made an announcement that they had formed a joint committee of representatives from both institutions to give consideration to a possible link
that could lead to a connection between the two establishments by the founding of a UCSD School of Law.
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EXTENSION OF TROLLEY TO UCSD DISCUSSED
Just imagine being able to get on the San Diego Trolley just this side of the Border and go to UCSD and the University City
area! This dream is getting closer to reality.
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SLOW BUT SURE GAINS IN SOUTHERN CALIFORNIA HOUSING MARKET
The sales of homes, as well as their cost, maintained a slow but sure ascension from the low point of the market this past month in the Southern California region, which includes San Diego County. This can be attributed to buyers rushing to purchase homes while prices and financing costs remain low. Purchases
still lean toward the lower priced distress homes, though less so than before.
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AS FEDERAL TAX CREDIT FOR BUYERS ENDS, WILL PRICES GO DOWN?
While the price of homes this past February had their first year to year hike, with the San Diego metro area leading the way, since late in 2006, prices actually fell on a month to month basis.
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FEWER DEFAULTS IN SAN DIEGO
There were fewer defaults in the San Diego area, while foreclosures were up a bit during the first three months of 2010 compared
to the same period of last year. This may possibly foretell a lessening of the housing predicament.
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OUTDOOR LIVING AREAS IN LA JOLLA HOMES
Homeowners have re-discovered their yards in La Jolla. They spend money and time (some look at it as a form of therapy) planting flowers and herbs in their front, back and side yards. They fashion inviting areas for gathering with friends and family, and
they put in ornamental elements that are visible from inside the house as well as enhancing the outdoor area.
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BREAKFAST AT "COME ON IN!" LA JOLLA
Set back a bit from the road at the intersection of Herschel and Torrey Pines in the Village of La Jolla, a
small restaurant nestles in among a convenience store, a cleaners, hairdresser and a couple of other foodie places.
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PRICE OF HOMES GOES UP IN SAN DIEGO
The price of homes in the San Diego area was one of the first in the country to begin to drop. Today, it is the only metro
area out of twenty surveyed where the prices have ticked upward from this past January to February.
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INVESTOR AID FROM FHA
While the upswing in the number of short sales may put off some who wish to purchase a home purely
for the investment opportunity, a new policy from the FHA may prove to be beneficial to them.
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Home Sales Up, New Jobless Claims Down
March saw home sales on the rise and new unemployment claims fall, spurring guarded optimism from analysts about the apparently improving economy. Home sales grew higher than expected, after three consecutive monthly declines, in response to the approaching deadline for federal tax credits for homebuyers. Sales climbed nearly 7 percent to a seasonally adjusted annual rate of 5.4 million, the highest it's been since December. The median sales price, meanwhile, remained unchanged from a year ago at about $171k. Some analysts expect the
good sales numbers to continue, while others caution that how the market will react once federal programs expire remains to be seen.
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I WANT TO LIVE IN SAN DIEGO!
I really believe that pretty much everyone would like to live here. I hear it from my relatives who are digging out from their
umpteenth snow storm back east, and I hear it from visitors as they stand gazing wistfully out at the turquoise blue ocean. I hear it
in the summertime from folks who live in Arizona and
who just don't want to go home. And, I hear, "We love living in San Diego!" from those of us who are fortunate enough to live here year 'round.
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NEARLY FIFTY PERCENT OF HOMES SOLD ARE BOUGHT BY FIRST TIME BUYERS
Almost fifty percent of homes sold in California during 2009 were purchased by first time buyers, which is the greatest percentage since the mid 1990's when the number hit just above fifty percent. This high number may
well diminish once April 30, 2010 rolls around, and the federal tax incentives for first time buyers will come to an end.
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HOME BUYERS ARE USING CASH
After 4 years of declining values across the country, investors have come back
to the real estate market, and quite a number of them, along with others, are buying properties using all cash.
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Quick Look at La Jolla Shores Real Estate
The very special area known as La Jolla Shores is the neighborhood adjacent to the La Jolla Shores beach. The basin surrounded on the
North East and Southwest by high hills is a favorite place for beach goers from around the world.
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Quick look at UTC Real Estate
The UTC area of San Diego is that very desirable centrally located corner between La Jolla, University City and UCSD. It was nicknamed UTC because of the close proximity to the University Towne Center shopping mall in the middle of the area. It is a convenient to, and bordered by the I-5, I-805 and State Highway 52. Professionals from Bio-Tech research, Electrical engineering, Medicine and Business call this area home and of course it is a
very popular area for UCSD Medical School Residents and Interns and students, as well as for undergraduate students.
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SMALLER NUMBER OF PEOPLE LEAVING SAN DIEGO
Until fairly recently, many people left San Diego County for financially greener grass in other states such as Washington, Oregon, Nevada and Texas. A number of them moved to nearby Riverside County, commuting to San Diego for work, as the housing costs there were considerably lower than in San Diego. This outflow of people seeking
places to live where the cost of living, especially the price of houses, was lower has begun to slow.
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WHAT TYPE OF LOAN IS RIGHT FOR YOU?
There seems to be a very large variety of home loans out there, which can be daunting, especially
to someone who is about to purchase their first home.
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THINGS LOOKING UP FOR SAN DIEGO ECONOMY
An increase in the hiring of new employees, a lessening in the number of foreclosed properties and a fairly healthy real estate market are some of the
positive indications that the economy of San Diego County was improving during the last three months of 2009.
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AMOUNT OF DEFAULTS NOT CORRESPONDING TO FORECLOSURES
While default notifications increased, the number of actual foreclosures decreased during February for the 2nd consecutive month.
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PRICES DOWN ON EXPENSIVE HOMES
The housing market has been heading downward for the past 3 years, and just recently there are amazingly low prices to be found on upper-end houses.
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La Jolla's Biggest Story of 2009?
It wasn't the price of homes, condos or any real estate in 2009 that captured the local news in La Jolla. It wasn't the Nobel Prize for major scientific or medical discoveries that held the attention of La Jolla news papers. Fabulous restaurants with jaw dropping views and beaches with arguably the best swimming, surfing and kayaking on the California coast could not hold the attention of locals or visitors alike. No, the only thing that kept the headlines throughout the year was the
ongoing battle over the Children's Pool, or Casa Beach (or several different names) which the place is referred to.
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BANK OF AMERICA SAYS IT HAS A NEW ARRANGEMENT FOR FORGIVING LOANS
As housing prices began to tumble, foreclosures increased and are still increasing. When a home's value is lower than the amount remaining on the mortgage, the owners often relinquish the debt and go into foreclosure. In addition, some owners find that
they are suddenly unemployed and are unable to continue making their mortgage payments.
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REGARDING INTEREST RATES
According to the Chairman of the Federal Reserve, Ben Bernanke, the present low interest rates would continue to be essential in order to get the economy moving on an upward track. He strongly advises that the rates should be held close to zero, as the economy is still in a somewhat frail state. With inflation
remaining at low levels, the Fed may continue keeping interest rates extremely low.
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REGARDING INTEREST RATES
According to the Chairman of the Federal Reserve, Ben Bernanke, the present low interest rates would continue to be essential in order to get the economy moving on an upward track. He strongly advises that the rates should be held close to zero, as the economy is still in a somewhat frail state. With inflation
remaining at low levels, the Fed may continue keeping interest rates extremely low.
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SAN DIEGO HOME PRICES UP FOR FEBRUARY
Home prices were higher this past February for both Riverside and San Diego counties over the prices for February of 2009 it was stated early this week.
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OBTAIN YOUR MORTGAGE NOW, PRIOR TO A RISE IN RATES
For nearly a year now, the Federal Reserve has been purchasing securities that are backed by mortgages and are guaranteed by Freddie Mac and Fannie Mae, which has greatly helped to keep mortgage interest rates as their current low level. For the last year and a half, these low rates have meant that borrowers would have to pay less each month. The Fed says that, as of March 31, their
buying of these securities will end. It is probable that interest rates may go up a bit by the latter part of the year.
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SOME FEBRUARY STATISTICS FOR THE SOUTHERN CALIFORNIA REGION
Over 43% of the market for resale homes was the result of foreclosures. While this is lower than the high point of 2009, it is still quite a bit above normal figures.
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FED TO KEEP RATES LOW
The Federal Reserve has decided to keep interest rates low in order to aid in the revival of the financial system and to relieve the current lack of available jobs. On a positive note, the Fed says that the
employment market is becoming a bit more stable and that spending by businesses on equipment, etc. is up by quite a bit.
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San Diego Real Estate's 30 second Rock and Roll Marathon
Interesting shaker for sure in Southern California - where were you? My wife thought I was shaking the car (we were at the gas station) - I thought it lasted a long time but then I can't tell time in those things anyway. (Too much adrenalin!) Evidently it was at least 30 seconds and while we didn't see any damage at all, we did watch the floor to ceiling windows rock and roll and light fixtures swing and sway. Some swimming pools sloshed a little water out, but I haven't heard about one pool being damaged. While there was loss of life and structural damage close to the epicenter south of
Mexicali and about 110 miles southeast of San Diego, I have not read any reports of real damage here in San Diego County.
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NEW PROGRAM WILL SIMPLIFY SHORT SALES
As of April fifth, purchasers who are qualified will gain from a new program set up by the Federal Government that will simplify and shorten the length of time that it takes to accomplish a short sale. This program is called "Home Affordable Foreclosure Alternatives" or "HAFA" and will provide monetary incentives to lenders to increase the number of short sales that they do. Buyers
should also find negotiating a distressed property purchase much easier to accomplish.
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QUICK BUYERS MAY GET A TOTAL OF $18,000 IN TAX CREDITS
California home buyers who act quickly may be able to get as much as $18,000 in tax credits by taking
advantage of both the Federal and California incentives that are presently being offered.
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ABOUT THAT FEDERAL TAX CREDIT FOR BUYERS
With the April 30th deadline for claiming the federal tax credit for home purchasers looming, there
remains some confusion about eligibility, the specifics re the deadline and how to go about claiming the credit.
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THE TIME TO BUY A HOME IS NOW!
One of the major lifetime decisions one can make is to purchase a home. While it certainly is wise to take one's time when making such an important decisions, there are a few
reasons that may make those who hold off on buying at this time wish that they had gone ahead and bought a home.
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PRICE OF HOMES , UP IN SAN DIEGO
There were only two large metro areas in the country that had an upward move in the price of homes this past January above that of
December 2009. Both San Diego and Los Angeles were also counted in the several to show noteworthy increases over the preceding year.
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CALIFORNIA TAX CREDIT BILL FOR HOME BUYERS SIGNED
Great news - the California tax credit bill for home buyers was just signed by Governor Arnold Schwarzenegger. The California tax credit will start when the Federal tax ends
(for the Federal tax credit, people need to be in escrow by April 30, 2010) the California bill will start May 1, 2010.
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POSSIBLE EXTENSION OF TROLLEY SERVICE
The University Town Center area, which is adjacent to the University of California San Diego in La Jolla, may finally get trolley service. The area is one of high density population and, hopefully, an extension of the existing San Diego trolley line will make
getting around not just the immediate area, but a large part of San Diego, so much easier.
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La Jolla Resident Dies in Skateboarding Accident
Justin Tomerline recently passed away due to
injures sustained during a skateboarding accident. The sports enthusiast had played college football at
Nebraska and was employed as a saleperson at Health Fusion located in La Jolla.
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THE MARRIAGE PENALTY MAY BE REMOVED FROM TAX CREDIT FOR BUYERS
The National Assoc. of Exclusive Buyer Agents, has decided to back a proposed change in the Internal Revenue
Code that would eliminate what many refer to as the "Marriage Penalty" from the Federal Home Buyer Tax Credit.
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LA JOLLA TO BECOME A CITY?
A group of people who call themselves "Independent La Jolla", who live in La Jolla and have
the desire to detach from San Diego, is once again discussing how that might be accomplished.
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Southern California Real Estate Statistics for February 2010
The February figures are in for the San Diego and Southern California housing market. The number of homes sold during last month was only up a tick of eight tenths of a percentage point. That is a slowdown in the rate of increase compared to the last 19 months, but still an increase toward a healthier performance by the Southern California residential real estate market. The good news for the growing health of the market is that the Median price paid for a home was up for the third consecutive month. While the overall
median price was up about ten percent for Southern California, San Diego real estate showed the healthiest gain at thirteen percent.
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FHA'S 203k PROGRAM LENDS BUYERS MONEY TO FIX UP HOMES THEY BUY
"Needs TLC" or "Sold As Is" on a listing or flyer lets a prospective buyer know right away that
there will be work needed on the house. Often, this scares the buyer and eliminates that particular
home from their consideration. This work may range from minor fix-ups to major renovations and may
require from a small amount of money to a very large investment over and above the purchase price. This
scenario is not at all unusual in today's real estate market as foreclosed properties and short sales are abundant.
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PRICES OF HOMES IN SAN DIEGO ON UPWARD TREND
While sales of houses in San Diego County edged downward a bit last month when contrasted with February, 2009, the
price of homes were up by 13% for the same period.
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HOME PRICES UP, DOWN OR LEVEL? CHECK YOUR LOCAL RENTS
Are home prices in your area headed up, are they still going down, or have they leveled off? Is this the time you should seriously consider selling your home, possibly buying a home, or should you sit tight and see what happens in the next
month or two? A good way to get a handle on which way home prices are going is to check out the rates for rentals in your area.
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MANY MORTGAGES IN DEFAULT FOUND TO BE BASED ON FRAUD
As part of the second day of the Financial Crisis Inquiry Commission's findings, it was discovered that Miami, Florida
is one of possibly many areas that are apparently rampant with fraudulent mortgages.
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SAN DIEGO HOME PRICES REMAINED FLAT IN JANUARY
San Diego home prices remained flat at zero percent during this past January, staying the same
as they were in December of 2009. However, values were up by 0.2 percent over those of January, 2009.
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LATEST HOUSING UPDATE
While there wasn't an abundance of news this past week, there are a few things that need to be mentioned. During the past month, filings for foreclosure decreased by 2 percent from January. Filings were up by only 6 percent from February, 2009, which was the lowest rise in the past 4 years. Of greater significance, the 6 states that had just over 60 percent of the total nationally
for the past month, filings for foreclosure were 15 percent lower than February of 2009. Things do seem to be looking up.
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PRICE OF HOMES TRENDING UPWARD IN SAN DIEGO
The median price of homes sold in the county was up again in February 2010. At a median price of just
above three hundred twenty thousand dollars, prices were back to the levels that they were during the better part of 2009.
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Comparing Foreclosures
We have felt a better energy in the San Diego real estate market for the last few months and a part of that
may be the decline in "Foreclosures" and "Notice of Defaults" that have been recorded in the last two months.
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IT'S A GREAT TIME TO INVEST IN REAL ESTATE!
This is an absolutely great time to be investing in real estate! With the nearly record-setting low interest rates and the relatively
stable prices of homes, one can find some really great opportunities for making a real estate investment.
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TAX CREDITS TO EXPIRE IN APRIL
As of April 30, 2010, the tax credits for home buyers will expire. These credits give first
time buyers, as well as homeowners who would like to purchase a different home, a wonderful opportunity to save on their taxes.
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SHORT TERM POLICY TO AID IN SALE OF FORECLOSURES
There are many communities where homes stand unoccupied, possibly in a run-down condition and with lawns overgrown and unkempt as a result of having been foreclosed upon. This situation has resulted in a
devaluation of neighborhood properties and has brought about a destabilization of community real estate values.
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THE GOOD FAITH ESTIMATE FROM LENDERS
If you are looking for a mortgage or re-finance loan, be certain that you obtain a Good Faith Estimate, or GFE, from the lenders who are giving you quotes. While a lender may quote you the various payments and fees on a
so-called Work Sheet, be aware that it carries absolutely no guarantees nor does it provide any protection to the consumer.
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SAN DIEGO COUNTY HOMES DROP IN PRICE
The price of homes in San Diego County dropped during January, undoing the price gains that occurred in the last six months of 2009. This could possibly be just an
anomaly due to the season. Analysts believe that home prices will most probably stay fairly even during the rest of the year.
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POSSIBLE RISE IN INTEREST RATES?
It is of utmost concern to all of us that, if and when interest rates rise, the interest rates on many home mortgages will increase causing distress to the
homeowners who are affected. Should the rise be quick and of a large amount, that may trigger another round of defaults and foreclosures.
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RATE OF LATE MORTGAGE PAYMENTS IN SAN DIEGO
A recent report from TransUnion, a company that gathers information on credit, reveals that, during the last quarter of 2009, approximately 10% of those who own homes in San Diego and have mortgages were late in making their payments by 2 months or more. These
homeowners may well end up defaulting and going into foreclosure, resulting in the loss of their primary, secondary or even their vacation homes.
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NUMBER OF NEW SAN DIEGO BUILDING PERMITS ISSUED INCREASES
An increased number of new building permits were issued during this past
January in the San Diego county area, which is hopeful news for builders after experiencing 5 years of a building slump.
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EQUITY UP FOR HOMEOWNERS
Quite a bit of information on changes in home values and on balances remaining on mortgages is gathered
by the Federal Reserve. This information is gleaned from many markets across the country and is reported on a quarterly basis.
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THREE SAN DIEGO COUNTY BANKS TO MERGE
Pending the approval of shareholders, Capitol Bancorp, which owns outright or in majority, three small local banks, is planning to merge them under a single name and management group so as to reduce costs and enable a larger amount of capital to be formed. Fifty banks in various parts of the country are controlled by Capitol Bancorp, and this local merging is essentially what they have done in various other markets, including Arizona, Michigan, Nevada and Washington. The local banks to be
consolidated include Sunrise Bank, the Bank of Escondido and Point Loma Community Bank as well as the Sunrise Bank in Palm Desert.
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Ocean Front Cottage in the over $20,000,000 price range at Bargain Basement Price....Comparatively.
According to many California sources high end luxury home prices in California are down by as much as 60 %. Homes that listed an asking price of $35,000,000 have sold for around
$13 million. It seems to also be true on the East Coast where one New York Estate was prices at $120M and sold for $60M.
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PREPARE YOUR HOME TO SELL PRIOR TO PUTTING IT ON THE MARKET
First of all, you must realize that the way you live in your home and the way you market your home are two entirely different things.
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NUMBER OF LATE MORTGAGE PAYMENTS DECLINES
Fewer homeowners are falling behind in making their mortgage payments. This is the first lessening of the number of those making late payments in nearly 3 years. As a result, the number of homeowners losing their homes will begin to lessen. Any positive effect in the near future may not be evident, due to the large number of those who are in the
process of foreclosure, and lower valued homes will continue the trend of lower median home prices for years to come.
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TRYING TO AVOID FORECLOSURE? LOOK OUT FOR SCAMS!
I am sure that you have seen those ads on TV claiming to be able to avoid foreclosure on your home. While it may be tempting to call one of them immediately, you need to know that many of them not only
have no intention or ability to help you avoid foreclosure, they are, in fact, after your money and possibly even your home.
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The Two Sided Economic Coin!
Most coins we see have both a heads and a tails and without looking carefully we only can view one side at a time. The economy is similar in some ways. The politicians would have us believe things are ALL GOOD News or ALL BAD News
depending on the view (side of the coin) they would like us to see. And like most things political nothing is all good or all bad!
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You are just in time for a home in the Million dollar plus range in La Jolla!
You could save yourself almost $350,000 in interest alone, over the course of a 30 year mortgage, or about $936 a month, with the current low interest rates versus a rise of just 2% in rates. Today according to BankRate.com the average rate is 5.08. There are
many variables in determining interest rates and they change almost daily, but they are very low by most any measure.
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A POSITIVE TREND FOR SAN DIEGO'S ECONOMY
Could San Diego's economy be on the rise? As of December, 2009, the leading economic indicators have continued
to move upwards for nearly 9 consecutive months.
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SOME THINGS ARE LOOKING UP
Despite reports that banks in China have to increase their reserve requirements, and the decline of the index of consumer sentiment in the first half of February resulting in a drop in the stock market, there is some good news to be found. Retail sales increased by 0.5% according to the Commerce Department. This reveals that the
American consumers are spending a bit more than they have been lately. This is surely a hopeful sign of further recovery.
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OBTAINING A DEFICIENCY JUDGMENT MAY NOT END DEBT TO LENDER
Apparently, banks are not too overloaded dealing with defaults to ignore the pursuit of those who are unable to pay the full amount of their mortgages. Some states, such as California, are so-called "recourse states", which means that you can be personally liable despite the release of the mortgage lien; that is, while banks can repossess only that property that was loan collateral, if the property served as collateral on a refinancing or some additional debt, one must be very vigilant. And, despite the
completion of a short sale, the borrowers often discover that the bank still demands that the full amount that was borrowed is repaid.
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CITY LIFE SAN DIEGO STYLE
Downtown San Diego has much to offer. The historic Gaslamp Quarter with its many restaurants, bars, shops and galleries is a pedestrians' delight, both during the day and at night. The architecturally interesting Horton Plaza, a colorful, multi-level shopping center, is a treat to visit. Theater, opera and the Museum of Contemporary Art are all within easy reach. During
the season, baseball is played in the wonderful new downtown stadium, which was designed by the famous architect, Antoine Predock.
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Buying a First Home in 2010
If you have been waiting for the bottom of the real estate market and an inventory of nice homes that fit your budget, this might just be the perfect storm for you. If you have
been waiting you probably have been putting aside cash for a down payment and looking at the area that best fits for you.
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RETIREES TAKE ANOTHER LOOK AT WHAT THEY WANT IN THEIR NEW HOMES
While the present state of the economy is causing home buyers to seriously consider downsizing, those fifty-five and older are actually doing it. During the nineties, retirees wanted to move to a moderate to warm climate, but now their priority in finding a place to live is the cost of living. This is opening the doors to states other than the traditional retirement locales, especially those in the south and southeast. Of those who are
approaching retirement, approximately 35 percent plan to purchase a new home, and over 15 percent of them are planning to move out of state.
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WHILE DECEMBER SALES WERE DOWN, YEARLY SALES WERE UP FOR 2009
After the number of sales of existing homes rose from September through November, 2009, they were down in December, largely due to the number of first time purchasers attempting to close escrow prior to the then deadline of November in order to take advantage of the tax credit. Despite there having been fewer
sales during December, 2009, prices were up from the preceding December and sales for 2009 were up over those of 2008 by 4.9%.
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UPBEAT SPRING for Southern California Real Estate Market
Interest rates at historic lows and more sales in more expensive areas have aided the real estate market in
Southern California, which showed healthy improvements during the normally slow Holiday Season during December. These improvements
are creating an upward trend which may well make for an earlier-than-usual Spring season for home buying.
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The Good Ones Go Quickly!
There are many good indications in San Diego's real estate market, and it is becoming very clear that the market
is moving in a positive direction. It is also clear that as the market is improving that the "Good ones go First".
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La Jolla's Biggest Story of 2009?
It wasn't the price of homes, condos or any real estate in 2009 that captured the local news in La Jolla. It wasn’t the Nobel Prize for major scientific or medical discoveries that held the attention of La Jolla news papers. Fabulous restaurants with jaw dropping views and beaches with arguably the best swimming, surfing and kayaking on the California coast could not hold the attention of locals or
visitors alike. No, the only thing that kept the headlines throughout the year was the ongoing battle over the Children’s Pool.
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Feds Suspend Anti-Flipping Rule
Good news for buyers: Starting February first, the FHA is putting a year long moratorium on the home flipping rule, so buyers can purchase homes that have been flipped within a ninety day period. How it stands now, buyers cannot get a FHA loan if the property has been owned for less than three months (usually an investor owned property that was recently
purchased, updated and put back on the market). The moratorium will help new buyers have a better selection of homes and compete with other buyers.
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THERE ARE SOME BRIGHT SPOTS IN THE HOUSING SITUATION
Many people in San Diego who have owned their homes since 2000 are really coming out ahead, even though
the median price today has fallen from a high of over $517,000 to $325,000, which is an increase of nearly 48.5%.
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CALIFORNIA SALES AND PRICES UP IN NOVEMBER
This past November, the sale of single family homes were up by 4.7%, and the median price was up by 5.8% over those of November, 2008.
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CONSUMER'S BECOMING MORE CONFIDENT
Based on a survey which is done each month and involves five thousand households, consumers are showing more confidence in the economy. The survey shows that, after a rise in November, there was yet another increase in December. The end date of December's survey was the twenty-first, so last-minute holiday shopping was not included. This
rise in confidence has created positive expectations for the next few months, based on optimism regarding labor and business conditions.
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"PENDING SUPPLY" OF HOMES INCREASES
Homes that are now owned by mortgage companies and banks resulting from foreclosures and those that have payments that are
late by ninety days or more are known as the Pending Supply or so-called "Shadow Inventory" of residential real estate. These homes, which would not normally be considered part of the number of unsold residences, have increased by six hundred thousand from September of 2008 through September of 2009. At the present rate of sales,
there is an increase in the supply of these units from just under two and a half months the preceding year to a present supply of three and a third months.
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Will Low Interest Rates Continue?
The mortgage interest rates are at an all time low but how long will it last? The Fed says
they are going to keep the interest rates low and they plan on continuing to buy mortgage-backed-securities.
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HOME SALES, PRICES INCHING UPWARD
Compared to November of 2008, home prices in San Diego County are up by 6.6 percent, while the number of sales increased by nearly 18 percent. This past November, the median home price rose to 325,000 dollars, an increase of 20,000 dollars. These increases reflect the large number of short sales and foreclosures. Homes in the higher price ranges
don't seem to be selling, as potential buyers seem to be waiting for prices to drop further and for the broader availability of financing.
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Lenders Who Resist Loan Modification To Be Revealed
Some lenders are refusing or putting off the modification of existing home loans and/or delaying taking action to convert temporary modifications to permanent ones. Many of these lenders are to be named by the Administration in hopes that they may become motivated to take action and to move more quickly, which should be of aid to homeowners
who are dealing with mortgage payments that they can no longer afford due to job loss, etc. This should help put the housing sector on an even keel.
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I have not said this before, but the time has come to buy, buy, buy!
This is almost the perfect storm for home buying. Interest rates for mortgages are unbelievably low, the home prices are moving up and the government has extended the $8,000 tax credit for first time buyers
(people who have not owned a home in the last three years). The government also offered a tax credit of $6,500 for move up homeowners.
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FHA Reveals New Requirements For Buyers Of Condominiums
There are now new requirements for obtaining a loan from the FHA for the purchasers of condominiums in developments and buildings. The FHA wants to continue giving loans but in
order to sustain the health of the FHA loan industry it has been forced to create new guideline to protect the loans.
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More Home Buyer Tax Credit Info
San Diego home buyers are glad to hear that congress has extended the $8000 dollar tax credit to now include a $6500 tax credit for current homeowners. The $8,000 tax credit
for first time home buyers will now be continued to April 30th, 2010, and expanded to include the $6,500 credit for current home owners.
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Looking for the SOLD sign
Selling a home in today's competitive market can be a challenge for the home owner that needs to sell. Talk to a professional about solutions to the obstacles confronting this
market. Many innovative ideas are coming from realtors helping sellers to get the SOLD sign on the lawn.
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San Diego Real Estate Market Report
The real estate market is can be very confusing in a changing market. Our news coverage is so good now that we can hear about national, statewide and local news all within a half hour.
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The Walk-ability Factor
Being within walking distance of shopping and social destinations can significantly increase the value of a home. The National Association of Realtors study has suggested that the value of a home may be increased from $4000 to $34,000.
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Foreclosure or Short Sale
One sad fact is over 50% of the foreclosures did not have any visible intervention to stop the foreclosure.
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Applications for Mortgages Drop Last Week
The Mortgage Bankers Association's weekly survey reports that applications for new mortgages fell four and a half
percent last week when compared to the activity of the previous week.
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Key Indicators Suggest Continued Weakness in Housing Market
A recent report published by the Federal Housing Financing Agency shows that home prices were
flat throughout the month of September when compared to August prices.
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Big Gains Recorded in Existing Home Sales
Happy Thanksgiving everyone!! The National Association of Realtors reports that the seven-month long upward trend of Existing home sales
continued throughout October. Largely driven by the home buyer tax credit, the surge has had a marked impact on available inventory of homes.
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Mortgage Applications Drop Last Week
In information reported by the Mortgage Bankers Association, the seasonally adjusted total of home loan applications dropped for the sixth week in a row. Despite the
availability of the lowest interest rates since May, last week loan applications fell just over 4.5%.
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Median Home Price in California Reaches High Point
As of October, the median home price throughout the state of California was set at $257,000. This marks the highest reported price point in nearly a full year. In information reported by The San Diego-based firm, DataQuick, this price is seen as a sign of a sustaining recovery of the housing market. The median price showed an increase of $6000 over the September price. The current median price, although showing a substantial increase, is nearly 7% under the price of
$276,000 recorded in October of 2008. On a positive note, the current price reflects the smallest previous year decline in the past 2 years.
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"Green" Renovations Predicted to Gain Market Share
Within the next five years, it has been predicted by the Green market research firm of SBI Energy that the market for
home renovations which are energy-efficient will increase by as much as 15%.
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Home Prices on the Rise in San Diego
San Diego County's home sales rose by 2 percent in October, compared to October of last year, while prices were higher by about half a percent. 3,670 homes were sold in the county, compared to about 3,600 last year. The median sales price for homes, meanwhile, came in
$1,500 higher than a year ago at $325k, according to the
La Jolla based real estate tracking firm MDA Dataquick.
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Federal Reserve Chairman Sees a Need for Continued Economic Stimulus
In a speech made at the Economic Club of New York, Federal Reserve Chair, Ben Bernanke offered up his most detailed comments on the state of the United States
economy in months. His words focused on unemployment an also reiterated that inflation levels would remain under control and that he planned on keeping interest rates at current rock-bottom levels.
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Judge Rules: Seals Get to Stay at La Jolla Cove
On Friday, November 13, Superior Court Judge Timothy Taylor overruled prior orders requiring the removal and dredging of the Children's
Pool at La Jolla Cove. This current and final ruling means that the ongoing battle for the seals has come to an end.
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Elderly La Jolla Man Strikes Again
This is not really related to my normal postings, however, this has been going on for sometime now and I thought it is in need
of mention. Have you heard about the elderly guy in La Jolla who keeps robbing banks? Apparently, he has struck again, robbing
a Bank of American (in La Jolla) last night.
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Mortgage Application Index Shows Decline
On a seasonally adjusted basis, mortgage applications increased just over 3% last week when compared with activity
of the previous week. The bulk of the increases were from applications for loan refinancing.
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Decline in Foreclosures Seen for Third Month
In October, just over 330,000 properties in the U.S. went into foreclosure. This is a 3% drop
from September numbers, however are up just under 20% from the same month last year.
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Court Rules Loan Modifications not a Right
Recently, a United States District Court in Minnesota ruled that troubled home owners do not have a right to receive loan modifications.
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States Experience Rising Sales, Price Moderation
A recent survey conducted by the National Association of Realtors (NAR) shows that across the
nation, most states have continued to see increasing prices of existing home sales throughout the third quarter of this year.
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New HUD Regulations Remove Surprise Closing Costs
Consumers have grown accustomed to receiving "good faith" estimates when signing to receive a loan to purchase a home. To date, consumers have been unprotected from surprise add-on closing costs when their escrow does indeed close. Borrowers have been quoted estimates in the area of around $2000 and then somehow the final costs balloon up to $3,500 on the final closing statement. In worst
case scenarios, the consumer is then forced to come up with the additional charges because they were not factored into the amount of the loan.
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San Diego Home Prices on the Rebound
I read an article today that named the top ten real estate markets that are beginning to see a
rebound in home prices. San Diego was number six on the list.
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President Signs Extension of Tax Credit into Law
The extension of the $8000 tax credit is anticipated to contribute nearly twenty-two billion dollars into
the economy. With overwhelming bi-partisan support, the measure was passed by congress, extending the credit to April 30 of next year.
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Number of Voluntary Loan Defaults Increasing
A rising number of voluntary loan defaults across the nation are hampering the government's efforts
to help distressed home owners to be able to stay in their homes and avoid foreclosure. To date, government support totals $75 billion.
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Tax Credit Extension May Receive Senate Approval
Both the United Sates Senate and House of Representatives are close to an agreement which would extend the
current first time home buyer tax credit which is currently set to expire on November 30.
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Pending Home Sales Increase throughout September
For the eighth consecutive month, the number of previously-occupied homes that entered into signed contracts of purchase increased over the previous month. The surge was
spurred on by first time buyers who were anxious to take advantage of the $8000 tax credit which expires at the end of this month.
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Major Revamp of Home Valuation code Possible
A bipartisan amendment which was approved on October 22 by the House Financial Services Committee initiates an early termination of the home valuation system to be replaced by the proposed new Consumer Financial Protection Agency.
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Clues to Rising Mortgage Rates
Below are a few points to look out for when watching mortgage rates.
Mortgage interest rates have been at historic lows for many months now. Savvy buyers should look to the following points while watching for signs of possible increases in rates.
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Senate Democrats Agree to Extend Home Buyer Tax Credit
The Chairman of the Senate Banking Committee, Chris Dodd (Democrat-Conn.), speaking on behalf of the
committee, has stated that Democrats in the Senate have agreed to an extension of the first-time buyer tax credit.
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Tougher Control on Tax Credit Urged by IRS
While Congress prepares to vote on whether or not to extend the current first-time buyer tax credit, the IRS wants tougher regulations implemented which would require credit claimants to prove that they actually closed on the home they have said they purchased.
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Valuable Tips for Off-Season Buyers
The word on the street has been that now is the time to buy. For those prospective buyers who have yet to enter the market, the autumn off-season period of
real estate may very well be the time to make the move into the market.
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More Short Sales Moving Faster Through Banks
Even though obstacles remain, there are real estate professionals that are stating that the overall process of purchasing a short sale property is becoming increasingly efficient.
In the recent past, it could take as long as six months to negotiate a purchase price with a bank. Now banks seem to be more willing to negotiate up front.
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National Association of Realtors: First-Time Buyer Credit is working
U.S. consumers have begun to see a glimmer of the light at the end of the tunnel with regards to improvement in the economy. Right now, it is in the hands of Congress to further enable consumers to be able to reach the end of that tunnel of recession. The enacting of the $8000 first-time home buyer tax credit has
made a difference in assisting the economy in its overall recovery. NAR is urging Congress to keep the momentum of recovery going by building on the success of the credit program.
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New Home Buyer Credit May Get Extension in California
Just last week, Bill 35-1 was passed by the California Senate. The bill would provide additional funds for nearly four-thousand additional new home purchases. The bill amounts to $30 million. The
legislation has now moved over to the California State Assembly, and could be addressed as soon as Monday, October 26.
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"ShakeOut" Drill for Quake Preparations
On Thursday, October 15, approximately 480,000 citizens across San Diego County participated in the annual "Great California ShakeOut" preparedness drill.
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Price Gap between the List and Selling Price Diminishes
Home buyers had less negotiating power during the home buying process throughout the month of August, even though they are still paying less than the seller's original asking price.
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Professionals in Mortgage industry See Increase in Foreclosures
Despite current mortgage rates that can be less than 5% and ongoing signs of leveling home prices, the mortgage industry
as a whole remains rather pessimistic about the future of the housing and mortgage markets.
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Desire to expand the Current $8000 Tax Credit being Urged
Critics of the measure state that it would only serve as a temporary band aid on the struggling housing market, while supporters believe that an
extension of the credit would help curb home price declines.
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Existing Home Sales Predicted to Rise in 2010
The chief economist for the MBA (Mortgage Bankers Association), Jay Brinkmann, has predicted that the sales of existing homes throughout the country will increase as much as eleven percent next year. He also stated that sales of new homes will show an increase of 21% over 2009 numbers.
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Treasury Goal for Loan Modifications Hits Target
Treasury secretary Timothy Geithner recently announced that five hundred thousand trial loan modifications have now bee implemented as part of the Making Home Affordable Program. The number
of mortgage workouts has been increasing at a faster pace than that of home owners who are nearing foreclosure on their homes.
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This is an Historic Time to Buy a Home
The potential biggest winners in this recession are young persons who are just beginning to invest in the purchase of their first homes.
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Additional Mortgage Modifications Resulting in Reduced Payments
Federal regulators recently published a report in which small bits of encouragement could be seen regarding struggling home owners who are looking to obtain a mortgage modification.
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Federal Reserve Wants Additional Oversight of Financial System
Ben Bernanke, the Chair of the Federal Reserve, presented to Congress on October 1, his desire that the Federal Reserve be granted additional oversight the financial system. The additional controls would oversee insurance companies, banks, hedge funds and others. While stating his case to Congress, Bernanke
admitted that the Fed has not done a very good job at protecting consumers, yet mentioned that improvements are in the works.
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City Pipes ruled not a Factor in La Jolla Landslide
A judge ruled Thursday, October 1, that leaky city of San Diego water pipelines were not a major contributing factor in the cause of a 2007 landslide that damaged several La Jolla homes.
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Pending Home Sales Continue on Record Streak
The NAR (National Association of Realtors) recently reported that for seven continuous months, the number of pending home sales has increased. This marks the
longest stretch since the inception of the Pending Home Sales Index in 2001.
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La Jolla Cove Seal Court Case Moved to November
The case involving the seals which continue to make the La Jolla Children's Pool their home will be heard by a judge on November 13.
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Millions of U.S. Homes may Contain Health Hazards
In a study released on September 24, it is estimated that over 5.5 million families in this country reside in substandard housing conditions. 1 out of every 3 houses located in major metropolitan areas are plagued with health hazards.
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How You Can Beat the Tax Credit Deadline
If you are determined to partake in the $8000 first-time buyer tax credit before it expires November 30, it may not be too late!
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August Existing-Home Sales Drop
The NAR (National Association of Realtors) reports that existing homes sales for the month of August fell short of numbers reported in July of this year. In spite of the decrease, numbers continue to remain above those of 2008.
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Banks to Bail out Government?
In an ironic turn of events, government officials may soon be asking banks to bail out the government!
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San Diego County Foreclosures See Big Decrease
On Monday, September 21, market analysts reported that foreclosures and home default notices showed a significant decrease throughout the month of August. Some economists share the opinion that these figures reflect a stabilization of the local market while others stress that these decreases need to be seen for several consecutive months to be solid.
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Home Prices in U.S. Increase in July
Home prices across the nation showed a slight increase of 0.3% in the month of July; displaying continued evidence of a recovery in the housing market.
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Mortgage Rate Update
Here are the current mortgage rates as of September 17, 2009.
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Advice on Spotting Foreclosure Prevention Scams
Here is some information as to how the most common foreclosure prevention scams operate.
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San Diego County Home Prices Increase amidst Slower Sales
The month of August marked the fifth consecutive month in which San Diego County home prices showed an increase. According MDA DataQuick, the median price of a home in the County now stands at $325,000. This price is the highest since September of 2008. A gain of $45,000 has been achieved since the low point reached this past January.
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Review Mortgage Documents when Facing Foreclosure
A real estate consulting company based in Florida which specializes in the forensic research of mortgages has offered up some important warnings to those home owners who are either in danger of or are in the process of foreclosure. The company warns that legal violations in complex mortgages are on the rise. Distressed home owners are urged to carefully review their mortgage documents.
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Congress Being Urged to Extend Current Tax Credit
The deadline for the $8000 first time home buyer tax credit is rapidly approaching. The National Association of Realtors is calling upon its membership- over one million realtors to make the time to write their Congressmen and Congresswomen to extend the credit.
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Rip Currents Have La Jolla on Guard
Several rescues are taking place due to rip currents at La Jolla Cove. The 79th annual La Jolla Rough Water Swim took place over the weekend and lifeguards had to
rescue over one hundred people.
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FBI Looking for 70 Year Old Bank Robber in La Jolla, CA
If it wasn't rare enough that a bank in La Jolla was robbed, the person that did it is apparently a seventy year old man. Want me to take it one step further? The
robber was carrying an oxygen tank with him when he robbed the bank.
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San Diego Real Estate Update
San Diego home prices in June, rising more than .6% from May to June. This is the first consecutive month increase in over two years. With prices beginning to rise, sales are also rising, with foreclosures and short sales still leading the way.
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8 Water Conservation Tips for Your Home
1. Repair small leaks from your pipes and faucets. These little "drips" can add up to big water waste.
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Reverse Mortgages Can Put Older Adults at Risk
One casualty of the mortgage meltdown is the increase of market scams. One more recent scam involves reverse mortgages. A reverse mortgage is a low interest type of loan usually granted to senior citizen homeowners who are at least 62 years old and uses the equity they have in their homes as collateral. The amount of the loan is a percentage of the home's value. The amount is determined by the age of the youngest homeowner and does not have to be repaid until the final surviving homeowner either moves out or dies. When this occurs, the estate is given one year to repay the loan balance, which can include the sale of the home in order to pay off the loan. Any equity that remains following the repayment of the loan becomes the property of the estate. In this case, the estate is not held liable if property sells for less than the due balance of the reverse mortgage loan.
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IRS to Step up Effort to Track Down Tax Cheats
In an effort to locate inconsistencies between mortgage payments and income, the Internal Revenue Service is expanding its current program to catch cheaters and collect back taxes.
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Undergrounding of Local Utility Lines a Slow Process
In 2007, San Diego Councilman Kevin Faulconer suggested borrowing funds to help speed up the undergrounding process of the city's more than 1,000 miles of overhead utility lines. Currently, the project is funded through a monthly surcharge which on the average costs users $2.50 per month. Now, two years after Faulconer's request, the idea of proposed borrowing is being addressed directly to both the Mayor and San Diego Gas & Electric by the Councilman.
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New Appraisal Rules Draw Criticism
The home appraisal has long been an important part of the mortgage lending process. New rules regarding home appraisals have caused many delays and even cancellations of many home sales. Problems that have worsened surrounding the appraisal process include increased errors, delays, higher costs to would-be buyers, reduced home price evaluations, and poorer quality of customer service.
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Mortgage Rates Dip Slightly, yet Remain above Record Lows
The rates on 30 yr. home mortgages dipped down a bit this week and remain close to the record low levels reached earlier this year.
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Mortgage Bankers Association Calls for end of Fannie Mae & Freddie Mac
The MBA (Mortgage Bankers Association) wants the U.S. government to close both Freddie Mac and Fannie Mae and replace them with private companies.
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2009 Busiest Year Ever for FHA
Throughout the year so far nearly 25% of all newly granted home mortgages are backed up by the FHA, marking this as the agency's busiest year on record.
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Home Prices Have Fallen but Taxes have not
From their high point in 2006 to the end of last year, home prices have fallen twenty seven percent. On the reverse, property taxes have increased twelve percent during the same period of time.
