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.
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Pending Home Sales Show Six Month Increase
The National Association of Realtors (NAR) recently reported that contract activity for pending sales of homes has shown an increase for the past 6 months. This pattern of increased activity has not been reported since the Pending home Sales Index was originated in 2001.
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Southern California Experiencing Rise in Home Sales, Drop in Prices
Home prices in Southern California were down 24% in July compared with July 2008 as
foreclosure sales flooded the market. According to MDA DataQuick, the median price
for a home was $270,000, whereas last year's median sales price in July was
$350,000. The number of homes sold increased nearly 20 % to more than 20 thousand
homes sold in the region which includes the counties of San Diego, Los Angeles,
Orange, Riverside, San Bernardino and Ventura.
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Survey Finds People Moving for Happier Purposes
The reasons for people's relocations are beginning to return to normal across the nation. A recent survey finds that increasing numbers of people have returned to moving for more positive reasons such as purchasing a different home in hopes of improving their lives rather than to avoid the pain of foreclosure.
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Gliderport at Torrey Pines Future Discussed
Last week, a public workshop and was held as park of a park advisory board meeting to discuss ways to enhance and improve Torrey Pines City Park, located in La Jolla. The forty-four acre park is home to the historic Torrey Pines Gliderport.
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Sales of New Homes up in July
Sales of newly-constructed homes increased for the fourth month in a row up to nine point six percent throughout the month of July. This increase surpassed all predictions, and marks a sign of continued recovery form the recent market downturn.
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New Bill Proposes Energy Improvement Incentives
This past June, a bill intended to help make home energy improvements possible for home buyers passed in the U.S. House of Representatives. In order to be enacted, the bill must pass through the Senate this fall.
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Bills Presented to Extend First-Time Buyer Homebuyer Tax Credit
The current $8000 first-time buyer tax credit is currently available through November 30 of this year. Bills are currently pending in both the House of Representatives and the Senate to extend this credit.
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Prices Down, Sales Up For San Diego Housing Market
The number of homes sold in San Diego in June was 12% higher than June 2008, whereas
the median sales price fell 14% to $363k. One chief cause of the spike in demand is
the Obama Administration's federal tax break for first time buyers. The Housing
and Economic Recovery Act created an $8,000 tax credit for those who purchase a home
before November 30th and have not owned a home for the previous three years.
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Elsevier, Inc. Renews Lease for Downtown San Diego Office
International real estate firm Hines announced today that they have renewed the
lease for the downtown San Diego office of Elsevier, Inc. Hines has operated an office in the Golden Eagle Plaza for 16 years.
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U.S. News and World Report Ranks UCSD
The University of California San Diego which is located in La Jolla has been ranked as the 35th best university in the nation in a report published in U.S. News and World Report.
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Rates on 30 Year Mortgages: Lowest Level since May
Freddie Mac reported this week that rates on 30-year mortgages dropped to their lowest rates since this past May.
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Fewer Banks Tightening Lending Standards
The Federal Reserve reported this week that fewer of the country's banks are tightening their lending standards. A positive sign, yet normal availability of credit will probably not return until sometime next year. Both the Federal Reserve and the Treasury have extended the TALF emergency financing program which was aimed at assisting lending.
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Home Prices in San Diego County Slowly Increasing
Cautiously, San Diego County home prices continued to increase throughout the month of July. The lowest median price for the year was recorded in January of this year at $280,000. The median price in July of this year came in at $320,000.
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Reported Pending Home Sales Continue to Rise
According to a report from the National Association of Realtors, the number of people signing contracts to buy homes in the US in June climbed to its highest number in two years. The group issues the pending home sales index monthly to report the number of taxpayers that agree to purchase a home in that month. The reports lag about three months.
