New California Real Estate Tax proposal
Well, saying that this is a new California real estate tax is not entirely accurate. What it is is a new proposal for a fee on all real estate sales in California.
Now, not being a lawyer, I’m not really sure what the difference is between a fee and a tax. But, the bottom line for this proposal is that if it is passed, every time a property transfers ownership, the state will collect this fee.
Pretty much my take on this is that every time California creates one of these new taxes or fees, they always start out low. Kind of like our gas tax and then slowly increase over the years. Read more
San Diego Home Prices
With today’s release of the S&P Case-Shiller Home Price Index report, which tracks residential home price appreciation in 20 major cities throughout the United States, San Diego home prices saw a 4.78% year over year appreciation for December 2014.
The S&P Case-Shiller Home Price Index report always has a lag time of two months. Some other notable facts in this report were that the highest year-over-year appreciation for December 2014 was seen in San Francisco, where they had a 9.3% increase. Coming in close second for best appreciation for the December 2012 year-over-year, was Miami at 8.4%. Read more
Rental cost show strong increases
According to an apartment research firm, January had one of the strongest national increases in rent seen since the post-recession period. According to this research firm January saw a very strong 4.9% annual rental increase as well as an equally strong 94.6% occupancy rate.
Naturally, here in California, we lead the nation in high rental amounts! Data from the January rental report also showed that some of the fastest growing rental increases were in Denver, Kansas City, Nashville, Portland, and Charlotte, North Carolina. Read more
Freddie Mac – 2015 Housing Market Outlook
A few highlights from this report:
Home prices to increase 3.9%. This is an increase from their prior report where they expected a 2015 home price increase of 3 1/2%.
A lower revised average 30 year fixed rate mortgage forecast of 3.9% for the year, versus their prior prediction of 4.2%.
Freddie Mac’s (Freddy Mac) chief economist stated:
“Despite the fact the yield curve has flattened, we remain optimistic about the course of the domestic U.S. economy over the next year. Read more
Home Improvements — Going Green
There has been a lot of talk about the Emergency Economic Stabilization Act of 2008,. But do you know what it means for you? If you use energy-efficient products in your home, the law expands and extends valuable federal tax credits for homeowners who make certain upgrades.
Benefits include lower home energy bills, increased indoor comfort and reduced air pollution. In addition, the energy-efficient products eligible for the new federal tax credits actually lower the amount of federal income taxes that taxpayers must pay Uncle Sam. Read more
Rental real estate investing
According to a recent study by really track real estate investors who own residential property in the United States earned an average annual return of 9.06% in the third quarter of 2014. Although this is a good return in light of the fact that most investors are earning under a half a percent on their CDs, this 9.06% was actually down from 9.56% in 2013, according to the study. Read more
San Diego Real Estate Traffic – January 2015
Last month this website had 33,674 unique visitors!
Home Mortgage Loans
For 2015, the federal housing finance agency, recently announced that it will keep their maximum conforming loan limits for loans issued by Fannie Mae and Freddie Mac at $417,000 on one unit properties in most areas and 625,500 in high-cost areas. San Diego is considered a high-cost area , and so has higher conforming loan limits.
While on the topic of home mortgage loans. A recent study by JD power showed that first-time home buyers reported challenges with understanding the mortgage process and the options that are available to them. Read more
FHA Mortgage Insurance Rate Drop
If you’re in the real estate industry, I’m sure you know that last week President Obama announced that the FHA home loan program is going to reduce their monthly mortgage insurance (MMI) premium by .50 (from 1.35% to .85%)
Well, here’s the rest of the FHA loan rate story:
When President Obama originally took office, the FHA monthly mortgage insurance rate was .55%. Then, up until last week, the Obama administration raised the FHA insurance rate five times to today’s high of 1.35%!
Many mortgage insiders felt that at at a 1.35% monthly rate ($337 a month on a $300,000 loan) the FHA had really gone overboard in what was really needed to replenish their reserve funds. Read more
San Diego real estate market forecast 2015
Facts & opinion on the San Diego California real estate market by Bob Schwartz San Diego real estate broker.
Put my 30 years of residential real estate experience to ensure that my clients achieve the best possible price marketing or selling residential real estate in the San Diego California market! Read more